US April 24, 2026

Energy Market Assessment

Highlights:

• Growth Over Recession: Record-high petroleum exports (up 16% YOY) and surging air travel indicate an economy heading UP, not toward a recession.
• Inventory Alerts: Refined product inventories (gasoline, diesel, jet fuel) have hit multi-year lows, signaling that demand is outpacing supply despite high refinery activity.
• Oil Price Peak: Increased commercial crude inventories and Strategic Petroleum Reserve (SPR) usage suggest that recent oil price highs have likely been reached.
• Natural Gas Opportunity: A mild winter and seasonal April lows have created a "buy-low" window, as supply growth currently lags behind long-term demand.
• Bullish Market Ratings:
•  High steel production and AI infrastructure trends support an 
• Overweight Strong Buy
•  rating for natural gas, crude oil, E&P, and Drilling services.