Market Commentary

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 […]

Crude oil and refined fuel product prices closed lower yesterday with RBOB gasoline leading the way down by 1.6% for the nearby futures trading month. The market yesterday was again focused on the lower world demand and the fact that there are currently ample supplies of crude oil around the […]

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 […]

The estimates from the Bloomberg survey for today’s inventory report on average are calling for crude stocks to be down 1.392 million barrels. Gasoline stocks are estimates down 73,000 barrels and distillates to be up 35,000 barrels. Refinery run are estimated to be down 0.1% from last week’s number of […]

A drone attack by the Houthi group on an oilfield in eastern Saudi Arabia on Saturday caused a fire at a gas plant, adding to tension in the Middle East. However Saudi Aramco said oil production was not affected. This event over the weekend helped to offers some support to […]

Baker Hughes reported that oil driller in the US increased the number of rigs drilling for oil by 6. Total rigs are at 770 compared to 869 last year at this time. Canadian oil producers added 7 rigs drilling for crude oil to bring the total number of rigs to […]

The market continues to be impacted by so much uncertainty with a host of issues and concerns surrounding this market. Traders continue to struggle with weak economic data and the impact that could have on demand, the trade war with China, OPEC+ talking about cutting more production, reports of possible […]

The DOE reported that crude oil stocks were up 1.58 million barrels when the market was expecting a draw of over 2 million barrels. Cushing, Ok crude oil stocks were down 2.54 million barrels. Gasoline stocks were down 1.412 million barrels and distillates stocks were down 1.938 million barrels. Propane […]