Market Commentary

The news of today is that overnight the US carrier out an air strike in Baghdad and Qassem Soleimani, one of Iran’s most powerful generals who lead proxy militias that extend the country’s power across the Middle East, was killed in this air strike. Iran’s supreme Ayatollah Ali Khamenei vowed […]

Crude oil and refine fuels products prices closed slightly lower yesterday, except for Brent crude oil which closed slightly higher for the February contract which expired yesterday. The market continues to look for direction as the trading volume is very low due to the Holiday week. Traders are more concerned […]

The inventory reports were delayed until Friday of last week due to the holidays. Propane stocks were down 2.562 million barrels putting total stock at 88.398 million barrels. The expectation was for a decline of 1.4 million barrels so a bigger draw but still not overall concerning about low supplies. […]

The optimism over China and the US continues to push this rally in the markets. President Trump stated the he and Chinese President Xi will have a signing ceremony for the Phase 1 China/US trade deal in early January. The idea of a signed deal further increases the positive outlook […]

The inventory report from the API was released on Christmas Eve and it called crude oil stocks down 7.9 million barrels. The estimate for tomorrow’s crude oil inventories from the DOE is a draw of 1.83 million barrels. The API called gasoline stocks up 566,000 barrels and the estimate for […]

Oil rigs were in the USD were up 18 in Friday’s Baker Hughes rig report. This brings the total number of oil rigs to 685 and last year at this time there were 883 rigs. This is the most rigs added in one week since back in February of 2018. […]

The energy market has been supported by the US and China phase one trade deal  and the larger production cuts by OPEC. Also, yesterday’s draw on crude stocks was another point of support for energy prices. These factors continue to support and push prices higher. Today is likely to see […]

New reports that just came out about 7:30 am this morning are saying the US and China are planning for a delay to tariffs that start December 15th.  Stock futures turned positive after the news and energy price rallied into positive territory after the news hit the wires as well. […]

The DOE inventory report showed that crude oil stocks were down 1.09 million barrels putting total stocks at 446.833 million barrels. Last year at this time total stocks were 441.457 so we are 5.376 million barrels ahead of last year. Cushing, the NYMEX WTI Crude Oil Futures contract delivery point, stocks […]

The inventory reports out last night from the API called crude oil stock were up 4.7 million barrels. This compares with the outlook for today’s DOE report to call crude stocks down 1.3 million barrels. Cushing crude stocks were down 357,000 barrels. Gasoline stock were up 5.6 million barrels, and […]

JP Morgan revised their 2020 price forecast up on the new OPEC + production cuts. In an update JP Morgan said that lower supplies along with stronger revised economic growth in emerging markets have prompted them to tighten their forecast of 2020 oil balances by 200,00 bpd compared to a […]

Baker Hughes reported that the number of rigs looking for oil increased for the first time in eight weeks  as producers added 4 oil rigs bringing the total oil rigs to 667. Last year at this time the number of rigs was 873. Canadian producers added 9 rigs drilling for […]