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The Oil Market Continued to Trend Higher Amid the Continuing Conflict in the Middle East

February 14, 2024
Recap:  The oil market continued to trend higher amid the continuing conflict in the Middle East. The market was further supported as OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025 and increased its economic growth forecasts for both ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $1.768 on Monday, February 12th

February 13, 2024
Monday, February 12th saw the front-month NYMEX Natural Gas Futures Contract open at $1.829, two cents below Friday’s closing price of $1.847. Achieving an intraday high of $1.863 by 10:00AM, prices were directed lower by extended forecasts for low demand in key markets. Giving i ... Read More

The Crude Market Ended Slightly Higher After Traders Took Some Profits Following Last Week's Rally

February 13, 2024
Recap:  The crude market ended slightly higher after traders took some profits following last week’s rally. The oil market erased some of its previous gains amid the news that the Israeli military said on Monday it had conducted a “series of strikes” on southern Gaza that have no ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $1.847 on Friday, February 9th

February 12, 2024
Friday, February 9th saw the front-month NYMEX Natural Gas Futures Contract open at $1.871, nearly five cents below Thursday’s closing price of $1.917. Posting a meager ascent to tally the intraday high of $1.884 by 9:30AM, prices dwindled lower for the balance of the day as fore ... Read More

The Oil Market Continued to Trend Higher on Friday For the Fifth Consecutive Session and Settled Up 6%

February 12, 2024
Recap:  The oil market continued to trend higher on Friday for the fifth consecutive session and settled up 6% on the week amid the concerns over broadening tensions in the Middle East after Israel rejected a ceasefire offer from Hamas earlier in the week. Israel continued its ai ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $1.917 on Thursday, February 8th

February 9, 2024
Thursday, February 8th saw the front-month NYMEX Natural Gas Futures Contract open at $1.942, two cents below Wednesday’s closing price of $1.967. Trading along the $1.940 level heading into the weekly storage publication, prices momentarily rose to an intraday high of $1.958 onl ... Read More

The Market Believes That the Ceasefire Rejection Ensures Hostilities in the Red Sea Will Continue

February 9, 2024
Recap:  The oil market remained well support and rallied over 2.8% on Thursday amid the news of Israel’s rejection of a ceasefire offer from Hamas. On Wednesday, Israel’s Prime Minister Benjamin Netanyahu rejected the latest Hamas ceasefire offer. The market believes that the rej ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $1.967 on Wednesday, February 7th

February 8, 2024
Wednesday, February 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.039, three cents above Tuesday’s closing price of $2.009. Once again recording the intraday high within minutes of the opening bell, $2.040, the contract traded lower to cross the $2.00 leve ... Read More

The Market Remained Supported Upon the Release of the Inventory Report

February 8, 2024
Recap:  The crude market posted a high of $74.22 in early morning trading before it erased some of its gains ahead of the release of the EIA’s weekly petroleum stocks report. The market remained supported upon the release of the inventory report, which showed larger than expected ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $2.009 on Tuesday, February 6th

February 7, 2024
Tuesday, February 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.052, three cents below Monday’s closing price of $2.082. Recording the intraday high of $2.053 within minutes of the open, the contract fluctuated along the $2.030 level for most of the day tr ... Read More
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