Market Commentary

S&P Global Platts reported that OPEC’s crude production increased by 50,000 bpd in August to 29.93 million bpd. The group’s compliance with the output cut deal stood at 103%. The August figure is 930,000 bpd lower than OPEC’s 14 members produced in January, and 2.34 million bpd low on the […]

Baker Hughes US Rig Count report said that 4 rigs drilling for crude oil were cut last week putting the total number of rigs looking for oil at 738 compared to 860 last year at this time. In Canada the number of crude oil rigs were cut by 3 to […]

Propane stocks had another weekly build of 2.862 million barrels putting total stocks at 97.019 million barrels. Midwest stocks built by 603,000 barrels and Gulf Cost stocks built by 1.657 million barrels. Midwest total stocks sit at 26.738 million barrels 1.049 million more barrels than last year at this time. […]

The energy market surged back from the big sell off the day prior as good economic data out of China, positive retail sale data in the US, another drop in US crude inventories expected today, and easing tension in the Middle East fueled this rally. The API report released yesterday […]

Crude oil and refined fuel product prices closed significantly lower yesterday due to poor manufacturing reports in the US and Europe, both US and China having new trade tariffs kicking in September 1, and the US dollar index back up to a 2-year high this past Friday. Data was released […]

The energy market is selling off as the bulls are unable to sustain their rally and break the market out on the upside. The fact that the US and China have imposed more tariffs on each other’s goods is not a positive for the global economy and traders are taking […]

The energy market traded higher yesterday on the idea that China was taking a softer stance on the trade war, the potential threats from Hurricane Dorian, and the big decline in crude stocks reported this week in the DOE inventory update. China’s commerce ministry said yesterday that they will not […]

The inventory report put out by the DOE said that crude stock were down 10.03 million barrels confirming the big draw in the API report. Cushing, Ok also showed another draw of 1.98 million barrels. This draw at Cushing was also the eight week in a row with a draw. […]

The inventory report put out by the private firm API showed that crude oil stocks were down a big 11.1 million barrels and crude stocks at Cushing, Ok were down by 2.4 million barrels another very healthy draw. The expectation for today’s DOE report from the Reuters estimates is for […]

The energy markets were trading higher to start out the day on Monday as two news items helped to support the move higher. One was the idea that China and the US were ready to get back to the table and begin negotiations. The market saw this as a positive […]

Crude oil and refined fuel product prices closed lower on Friday with WTI crude oil leading the way down by 2.1%. Prices fell mainly due to China announcing that it would impose retaliatory tariffs on $75 billion of imports from the US including a tariff on crude oil which increased […]

The DOE inventory report called crude stocks down 2.73 million barrels and this was not a big shock as it was in line with expectations and the outlook for stocks. Stocks at Cushing, Ok were down 2.5 million barrels and this would normally be supportive to the market but this […]