By kelly.anderson@burkeoil.com (Kelly Burke)

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Last week as we discussed, the EIA reports for the prior week (ending April 11) saw inventory builds in US Crude supplies while gasoline inventories drew down. Crude Inventories actually hit their highest level since June 2013 and production hit its highest level since 1988. 

Platt's is estimating that this Wednesdays EIA report (on the week ending April 18th) will show inventory builds of  up to10 million gallons. As a result of the anticipated build,...


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By kelly.anderson@burkeoil.com (Kelly Burke)

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(Image Credit - Russavia [CC-BY-SA-2.5 (http://creativecommons.org/licenses/by-sa/2.5)], via Wikimedia Commons)

Deja Vu - global oil prices are again creeping higher on increasing friction on the Ukraine-Russia standoff, projected inventory numbers, and Chinese economic numbers suggesting slower growth than anticipated. Didn't we just go through this two weeks ago??

Brent CRUDE hit over $110 Tuesday for the first time since March 4th on increasing concern...


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By kelly.anderson@burkeoil.com (Kelly Burke)

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The EIA Inventory data out today showed that US Crude stocks unexpectedly fell 2.38 million barrels last week - if you remember, earlier this week, analysts were expecting roughly that amount of BUILD to be reported. Gulf Coast inventories had been expected to show a huge build but instead dropped by over a million barrels. On the other side, gasoline inventories dropped essentially in line with expectations, falling by a little over 1.5 million barrels. ...


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By kelly.anderson@burkeoil.com (Kelly Burke)

Crude - both Brent and WTI - continued to drop today on speculations of another inventory build on tommorows EIA report. According to a Bloomberg survey, tommorows report may show increases of 1.8mbl up to 2.5mbbl. The prior weeks report (the tenth increase in a row) indicated US Crude inventories climbed to 385 million barrels, the highest on hand since November, with PADD 3 numbers (Gulf Coast) hit over 200 million barrels, the highest since 1990. 


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By kelly.anderson@burkeoil.com (Kelly Burke)

 

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(USCG Photo/Reuters)

The first half of the week saw futures up and down on reactions to international tensions, and on the news of the 22nd’s collision between a bulk carrier and a barge resulting in the temporary closure of the Houston shipping channel connecting the Gulf of Mexico with Gulf Coast refineries. The collision resulted in a spill of up to 170,000 gallons of bunker fuel into Galveston Bay and caused immediate closure for cleanup operation,...


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By mark.pszeniczny@burkeoil.com (Mark Pszeniczny)

Natural gas hit $5/mmBTU on the NYMEX for the first time in over 3 years last week, over concern about supply and a increase in demand due to to continuing frigid temperatures throughout the country. As of Jan 30, prices have backed off some but the underlying supply issues behind the spike may still play a relevant role in Nat Gas volatility going forward. 

The spike involved inventory reports showing Nat Gas storage 13% below the 5 year average which

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By mark.pszeniczny@burkeoil.com (Mark Pszeniczny)

NYMEX values appeared to find support just above the 2.90 level on front month HO after a long cold stretch.  The Polar Vortex that gripped a large portion of the Country, and plagued us in the Northeast with long terminal lines, appears to be subsiding.  Many of us are getting a well deserved breather as we return to somewhat normalcy.  

The recent correction has shaved off roughly 18 cents on Heat and close to .20 on RBOB.  Bulls returned as new unemployment figures were released showing

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POSTED FROM THE DENNIS K. BURKE, INC. BLOG

Distillate Inventories Carry Futures Higher

November 20, 2013

 

By mark.pszeniczny@burkeoil.com (Mark Pszeniczny)

Last night API's set the early tone for todays rice action as preliminary numbers showed large draws in distillates.  Those numbers were confirmed this morning with the EIA releasing a staggering 4.8mbl draw in distillates vs expectations of a mere 700k.  Gasoline was down slightly at 345k and Crude showed a slight build at 375k bls.  On the surface it appears distillate demand is on the rise, not only in the US, but also from an export position.  Soon after the data released,

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By mark.pszeniczny@burkeoil.com (Mark Pszeniczny)

We have all been in this far too long to get overly excited when the pits fall a few cents - like New England weather, wait and it will change.  

The recent sell off was primarily pinned to the expectation of growing Crude supplies (released this week on Thursday due to the Holiday), a better than expected Jobs report, and the talk of unwinding the government bond buying program.  That all came to a halt this morning as renewed concerns of global strife, s

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By mark.pszeniczny@burkeoil.com (Mark Pszeniczny)

Front month Heat continues to find comfort above the 2.95 level as traders weigh the recent barrage of news.  Earlier in the week, many feared an almost inevitable Government shutdown, but those fears were erased late Wednesday as a House Bill passed that would fund activities for the next several weeks.  While Inventories were in my opinion somewhat Bearish, the news didn't take so well yesterday and pushed futures up slightly ahead of today's report that showed the US economic growth rate fell in line

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