Market Commentary

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 […]

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 […]

The news on Iran this morning appears to be at two extremes. President Trump is going to send Senator Rand Paul to Iran to talk peace. For the energy markets this is a big deal because if they can agree to something and sanctions get lifted more Iranian barrels of […]

The average estimates for today’s DOE inventory update from the survey conducted by Bloomberg is looking for crude oil stocks to be down 3.785 million barrels. Gasoline stocks are estimated to be down 2.421 million barrels and distillates are called up 780,000 barrels. The estimates from Reuters are calling for […]

Tropical Storm Barry shut down 73% (1.38 million bpd) of crude oil production in the Gulf of Mexico but weakened to a tropical storm as it hit Louisiana on Saturday, the westward shift of the storm spared low level New Orleans from massive flooding feared earlier last week. Given less […]

A little bullish support for prices came on Friday from the Baker Hughes rig count which reported that 4 crude oil rigs came offline in the US last week bringing the total to 784 rigs. This is the lowest number of rigs since 2/2/2018. British foreign minister Jeremy Hunt told […]

In a Bloomberg update they gave a recap of some numbers that give rise to the indication that the trade war is having its impact on economies around the globe. Export-reliant Singapore’s gross domestic product unexpectedly shrank an annualized 3.4% in the second quarter, the biggest decline since 2012. China’s […]