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The Oil Market on Wednesday Rallied Over 2% Following the Release of a Supportive EIA Inventory Report

March 14, 2024
Recap:  The oil market on Wednesday rallied over 2% following the release of a supportive EIA inventory report and a second day of Ukrainian drone attacks on Russian refining facilities. On Tuesday evening, the API reported an unexpected draw of 5.5 million barrels in crude stock ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.714 on Tuesday, March 12th

March 13, 2024
Tuesday, March 12th saw the front-month NYMEX Natural Gas Futures Contract open at $1.803, four cents above Monday’s closing price of $1.759. Prices rallied leading up to the opening bell, as producer CNX Resources Corp. announced that they would be cutting back production, nearl ... Read More

The Market Weighed U.S. Economic Data Against OPEC's Demand Growth Forecast and the Continuing Geopolitical Tensions in the Middle East

March 13, 2024
Recap:  The oil market traded in a yo-yo manner on Tuesday and ended 0.47% lower as the market weighed U.S. economic data against OPEC’s demand growth forecast and the continuing geopolitical tensions in the Middle East. The oil market retraced some more of Monday’s early losses ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.759 on Monday, March 11th

March 12, 2024
Monday, March 11th saw the front-month NYMEX Natural Gas Futures Contract open at $1.761, four cents below Friday’s closing price of $1.805. Recording the intraday high of $1.789 by 9:15AM, the contract traded largely sideways along $1.765 throughout the session. Apart from a fle ... Read More

The Oil Market Traded Lower on Monday as Uncertainty Around the Timing of U.S. Interest Rate Cuts Weighed on the Market

March 12, 2024
Recap:  The oil market traded lower on Monday as uncertainty around the timing of U.S. interest rate cuts weighed on the market. The market is awaiting the release of a possible higher than expected consumer price index reading on Tuesday, which could muddy the path for monetary ... Read More
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A Brief Outage of the Keystone Pipeline Failed to Keep the Market Supported Ahead of the Weekend

March 11, 2024
Recap: The oil market on Friday posted an outside trading day and ended the week down 2.45% after the market gave up its overnight gains as a brief outage on the Keystone pipeline failed to keep the market supported ahead of the weekend. The market traded higher in overnight trad ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.805 on Friday, March 8th

March 11, 2024
Friday, March 8th saw the front-month NYMEX Natural Gas Futures Contract open at $1.781, nearly four cents below Thursday’s closing price of $1.818. Responding to tempered forecasts, reducing expected demand to close out the month, prices moved lower overnight. Recovering from th ... Read More

April NYMEX Natural Gas Futures Contract Closed at $1.818 on Thursday, March 7th

March 8, 2024
Thursday, March 7th saw the front-month NYMEX Natural Gas Futures Contract open at $1.915, just below Wednesday’s closing price of $1.929. Trading sideways near $1.910 leading up to the weekly storage publication, prices jump to an intraday high of $1.933 as the report hit the wi ... Read More

Expectations That U.S. Interest Rate Cuts Could Be Delayed Against Supportive Chinese Trade Data and Increased Tensions in the Middle East

March 8, 2024
Recap: The oil market posted an inside trading day on Thursday as it weighed expectations that U.S. interest rate cuts could be delayed against supportive Chinese trade data and increased tensions in the Middle East after the first fatal attack on Red Sea shipping. U.S. Federal R ... Read More
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A Smaller Than Expected Build in Crude Stocks and Large Draws in Product Stocks

March 7, 2024
Recap:  The crude market traded higher on Wednesday on a smaller than expected build in crude stocks and large draws in product stocks as well as remarks by U.S. Federal Reserve Chair Jerome Powell that he still expects interest rate cuts this year. The market was also well suppo ... Read More
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