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The Oil Market Rebounded from its Earlier Losses as the EIA Forecast a Better Economic Outlook Than Previously Expected

August 9, 2023
Recap:   The oil market rebounded from its earlier losses as the EIA forecast a better economic outlook than previously expected. In overnight trading, the crude market sold off sharply and extended its losses to over $2 as it posted a low of $79.90. The market was pressured and ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $2.725 on Monday, August 7th

August 8, 2023
Monday, August 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.662, roughly eight cents above Friday’s closing price of $2.577. Marking the intraday low as markets opened, the contract found strong bullish support as forecasts for increased cooling later thi ... Read More

The Market Closed Out at a High Following the News of Saudi Arabia and Russia Continuing Their Voluntary Cuts into October

August 8, 2023
Recap:  The oil market on Monday retraced some of its previous gains on profit-taking after the market posted its sixth consecutive weekly gain on Friday. Last week, the market closed out at a high following the news of Saudi Arabia and Russia continuing their voluntary cuts into ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $2.577 on Friday, August 4th

August 7, 2023
Friday, August 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.549, nearly two cents below Thursday’s closing price of $2.565. Updated bullish weather forecasts provided support early on as prices spiked to the intraday high of $2.619 by 9:05AM. Slipping gra ... Read More

The Oil Market Posted Gains for the Sixth Consecutive Week

August 7, 2023
Recap:  The oil market posted gains for the sixth consecutive week of 2.78% as it remained in its upward trending channel. The market on Friday remained well supported by the announcements made by Saudi Arabia and Russia pledging to continue cutting their output through September ... Read More
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Saudi Arabia Was Extending its Voluntary Output Cut of 1 Million Bpd by One Month to the End of September

August 4, 2023
Recap:  The oil market rallied higher on Thursday following the news that Saudi Arabia was extending its voluntary output cut of 1 million bpd by one month to the end of September. The oil market traded mostly sideways overnight before further selling, in follow through from Wedn ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $2.565 on Thursday, August 3rd

August 4, 2023
Thursday, August 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.529, five cents above Wednesday’s closing price of $2.477. Picking up ground overnight as traders squared their positions ahead of the weekly storage publication, prices fluctuated along the $2 ... Read More

Fitch Downgraded the U.S. Government's Top Credit Rating to AA+ from AAA

August 3, 2023
Recap:  The oil market posted an outside trading day and sold off sharply after Fitch downgraded the U.S. government’s top credit rating to AA+ from AAA. The market breached its previous high as it rallied to a high of $82.43 in overnight trading. However, the market erased its p ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $2.477 on Wednesday, August 2nd

August 3, 2023
Wednesday, August 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.513, five cents below Tuesday’s closing price of $2.560. Recording the intraday high of $2.520 within minutes of the opening bell, bearish pressure due to moderating forecasts drove prices low ... Read More

September NYMEX Natural Gas Futures Contract Closed at $2.560 on Tuesday, August 1st

August 2, 2023
Tuesday, August 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.560, seven cents below Monday’s closing price of $2.634. Healthy storage levels and a break in intense summer heat in the Northeast directed prices lower early on, as the contract fell to an int ... Read More
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