Market Commentary

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 […]

Crude oil and refined fuel product prices all closed up by more than 4% yesterday, which was mainly driven by news that some of the new tariffs of U.S. imports from China will be postponed until December 15th. To benefit U.S. consumers for holiday shopping, U.S. tariffs on Chinese goods […]

Crude oil prices closed up slightly but refined fuel product prices fell slightly yesterday. The spread between WTI crude oil and Brent crude oil closed at only $3.64, a very low point for this year. Rising crude oil prices were mainly driven by Saudi Arabia wanting an IPO for Aramco […]

The Baker Hughes crude oil rigs count was down by 6 rigs putting the total number of crude rigs at 764. This compared to 869 rig last year at this time. Rigs drilling for natural gas were done 2 to 169 compared to 186 rigs a year ago. Canadian producers […]

Crude oil and refined fuel products prices closed higher yesterday mainly driven by a large rise in China crude oil imports, a large rise in US equities, Saudi Arabia vowing to keep exports lower the next few months, Saudi Arabia wanting to discuss with OPEC members the recent price decline, […]

Propane stocks in the inventory report were up a big 2.852 million barrels. Propane stocks in the Midwest were up 507,000 barrels and in the Gulf Coast stocks were up 1.962 million barrels. Prices did move lower for prompt propane but the winter month values were more stubborn to go […]

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 […]