ENERGY

By John Kemp, senior market analyst

Global stocks of diesel and other middle distillates are below normal and prices could start to rise quickly if the industrial economies of North America and Western Europe emerge from their lingering recession in 2024.

Inventories of diesel, heating oil and gas oil were below the prior ten-year seasonal average across North America, Europe and Singapore in January, which has begun to exert upward pressure on fuel prices. Investors have (more…)

Authored by Tommy Tuberville via RealClear Wire,

It’s the coldest time of the year, and the demand for energy is significantly higher as people try to warm their homes. According to the U.S. Energy Information Administration (EIA), in Alabama seven out of ten homes rely on electric heating during the winter months. Increasing demand is placing a strain on our power grid, and the Biden administration has no solution to the problem.

Instead of providing (more…)

Oil prices extended yesterday's gains (helped by EIA's short-term outlook) after a mixed bag from API with a much smaller than expected crude build.

API

• Crude +674k (+1.3mm exp)

• Cushing +492k

• Gasoline +3.65mm (+300k exp)

• Distillates -3.7mm (-2.0mm exp)

DOE

• Crude +5.52mm (+1.3mm exp)

• Cushing -33k

• Gasoline -3.15mm (+300k exp)

• Distillates -3.22mm (-2.0mm exp)

A much bigger than expected (more…)