Market Commentary

The API released their weekly update on inventory and it showed that crude oil stocks were down 3.4 million barrels, gasoline stocks were down 1.1 million barrels and distillates stocks were up 1.2 million barrels. Crude stocks at Cushing, Ok were down 1.6 million barrels. The Reuters expectations for today’s […]

The trade war concerns really weighed on the markets yesterday as equities were off hard and energy prices as well. The concerns for a slowdown in the global economy impacted most markets yesterday. The energy market has not been able to take out key support just yet so the bulls […]

The escalation of the trade war by President Trump has the markets on the defensive here to start the new week. The yuan has fallen substantially overnight to its weakest level in more than a decade and crossed over the 7 yuan per dollar mark, which has been a line […]

Crude oil and refined fuel product prices started the day down after the Fed Chairman’s said there will not be a string of interest rate cuts and that the .25% cut was more of a midcycle adjustment. Crude prices and equities crashed however, after news that President Trump plans to […]

Propane stocks built 1.399 million barrels right on the industry estimates for a 1.4 million barrel build. The five year average for this reporting week of the year is 1.827 million barrels so below that average. Total propane inventories now sit at 80.451 million barrels 14.175 million more barrels than […]

The Fed is meeting this week and traders are expecting them to cut interest rates and despite the fact that this is the outlook for the market it will be a bullish factor for energy. Crude is trading higher this morning as the outlook for a Fed rate cut increases. […]

Crude oil and refined fuels products prices closed mixed on Friday, which was mainly driven by a battle between geo-political supply disruptions risk and a lower world crude oil demand outlook. Baker Hughes reported that three crude oil rigs came offline in the US down to a total of 776 […]

The energy market has balled itself up into a tight range of congestion the last few days. All the issues both positive and negative are still a concern for traders but nothing new has developed in these area. The market is just marking time and traders keep a watch for […]

The DOE report had crude stocks down a big 10.84 million barrels and the crude stocks at Cushing, Ok were down 429,000 barrels. Gasoline stocks were down 226,000 barrels and distillates were up 613,000 barrels. US production was also down 700,000 barrel to 11.3 million bpd. Propane supplies were up […]

The API inventory report release yesterday late afternoon showed that crude oil stocks in the US fell by 11 million barrels. This is more than the outlook for today from the Reuters survey calling for a 4 million barrel decline. Bloomberg is calling for a 4.133 million barrel decline. Gasoline […]

With all the concerns with Iran and other bullish possibilities in the market the funds has been buying again. Hedge funds purchased oil last week at the fastest rate in almost a year, as escalating tension in the Middle East and hopes for a cut in US interest rate outweighed […]

The Baker Hughes Rig Count showed that the crude oil rig count fell by 5 last week to a total of 779 and has fallen by an average of 2.5 rigs per week over the last four weeks. The total crude rigs at 779 is the lowest level since February […]