Market Commentary

The API reported yesterday that crude stocks were up 4.5 million barrels and the crude stocks at Cushing, Oklahoma were up 2.0 million barrels. Gasoline stocks were down 702,000 barrels and distillate stocks were down 3.5 million barrels. The average estimates for today’s DOE inventory update from the Bloomberg survey […]

President Donald Trump continued to speak optimistically about the possibility of a deal to end the US trade war with China. He told reports that the trade deal is coming along great. Last week, he stated that he hopes the first phase of the deal will be signed by the […]

Baker Hughes reported that in the US 1 crude oil rig came online putting total crude rigs at 713. This was the second consecutive week that the rig count went up, but it is also the lowest total since May of 2017 and last year at this time were 873 […]

Propane inventories were down 328,000 barrels in yesterday’s inventory update. Midwest stocks were down 309,000 barrels and Gulf Coast stocks were down 766,00 barrels. Total stocks are still at 100.445 million barrels. Midwest stocks are 773,000 barrels less than last year at this time. Gulf Coast stocks are 18.689 million […]

The API inventory report out yesterday said that crude oil stocks were up 10.5 million barrels. Gasoline stocks were down 934,000 barrels and distillate stocks were down 2.9 million barrels. Estimates for today’s DOE inventory are for crude to be up 2.495 million barrels, gasoline down 1.369 million barrels and […]

Crude oil and refined fuel products price closed lower yesterday by approximately 2%, which was mainly due to less optimism about the first phase of the China and US trade deal. The market is still trying to digest the details of this deal. China now says they want to hold […]

The market was up at the start of the day on Friday as the news hit that an Iranian tanker had been hit by missiles. The details were sketchy and still are a bit unclear but for now the market seems to have made its reaction to it and is […]

The news of the morning is that an Iranian oil tanker has been hit by two missiles in the Red Sea. So far this is only being reported by Iran and no independent sources have been able to confirm this event. Iran originally said the missile attack was from Saudi […]

The inventory report for propane only showed an overall build of 132,000 barrels and the market was looking for a build of 750,000 barrels. Midwest stocks were up 11,000 barrels putting total stocks at 27.475 million barrels. This is 411,000 barrels less than last year at this time. The Gulf […]

The inventory report from the API called crude oil stocks up 4.1 million barrels.  Crude stocks as Cushing, Ok were reported up 1.2 million barrels. The outlook for crude stocks in today’s DOE inventor report as surveyed by Reuters is the expectation for an increase of 1.4 million barrels. The […]

The energy market overall had a very uneventful day as it did manage to run up higher but as the day wore on it eased back and settled near unchanged on RBOB and up a little over a penny on HO and crude up 50 cents. Prices were up strong […]

Crude oil and refined fuel products prices closed lower yesterday after rising to a one month high early in the trading day for both Brent crude oil and WTI crude oil. Brent hit a high of $62.34 and WTI hit a high of $56.92. The selling pressure came from poor […]