COVID-19 Response
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The Oil Market Continued on its Upward Trend and Settled Higher for a Second Consecutive Week

January 23, 2023
Recap:  The oil market on Friday continued on its upward trend and settled higher for a second consecutive week as it remained well supported by the economic prospects for China and the expectations of an increase in its fuel demand following the lifting of the COVID-19 restricti ... Read More
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An Unexpected Increase in Crude Stocks Weighed on the Market

January 20, 2023
Recap:  On Thursday, the oil market extended its losses seen on Wednesday as an unexpected increase in crude stocks weighed on the market along with concerns over possible recession following U.S. retail sales and output data. The crude market opened lower and continued to trend ... Read More
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February NYMEX Natural Gas Futures Contract Closed at $3.275 on Thursday, January 19th

January 20, 2023
Thursday, January 19th saw the February NYMEX Natural Gas Futures Contract open at $3.289, two cents below Wednesday’s closing price of $3.311. Trading along either side of $3.310 through 10:30AM, prices spiked to an intraday high of $3.379 as the report hit the wire. Trending lo ... Read More

February NYMEX Natural Gas Futures Contract Closed at $3.311 on Wednesday, January 18th

January 19, 2023
Wednesday, January 18th saw the February NYMEX Natural Gas Futures Contract open at $3.410, nearly eighteen cents above Tuesday’s closing price of $3.586. Trading along either side of $3.435 through midday, prices rose to tally an intraday high of $3.496 at 11:55AM. Trending down ... Read More

The Market Weighed Concerns Over a Possible Recession

January 19, 2023
Recap: The oil market ended the session lower on Wednesday as the market weighed concerns over a possible recession against expectations that the lifting of China’s COVID-19 restrictions will lead to a fuel demand recovery. Early in the session, the market was well supported by t ... Read More
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February NYMEX Natural Gas Futures Contract Closed at $3.586 on Tuesday, January 17th

January 18, 2023
Tuesday, January 17th saw the February NYMEX Natural Gas Futures Contract open at $3.691, twenty-seven cents above Friday’s closing price of $3.419. Marking the intraday high of $3.767 within minutes of the open, news of below-average temperatures arriving to close out the month ... Read More

The Market Continued on its Upward Trend on Tuesday

January 18, 2023
Recap: The oil market continued on its upward trend on Tuesday following Monday’s shortened trading session due to the Martin Luther King, Jr. holiday. The market was supported as easing COVID restrictions in China raised hopes of a demand recovery in the world's top crude import ... Read More
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European Union Prepares to Stop Fuel Imports from Russia

January 17, 2023
Recap: There are no settlements due to the Martin Luther King, Jr. holiday. Fundamental News:  IIR Energy reported that U.S. oil refiners are expected to shut in about 1,213,000 bpd of capacity in the week ending January 20th, cutting available refining capacity by 383,000 bpd ... Read More
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The U.S. Dollar Fell to a Nine-Month Low

January 16, 2023
Recap:  The oil market continued on its upward trend as the U.S. dollar fell to a nine-month low a day after data showed that inflation fell for the first time in 2-½ years and indications of increasing demand in China. Recent crude purchases from China and an increase in road tr ... Read More
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February NYMEX Natural Gas Futures Contract Closed at $3.685 on Wednesday, January 12th

January 13, 2023
Thursday, January 12th saw the February NYMEX Natural Gas Futures Contract open at $3.808, fourteen cents above Wednesday’s closing price of $3.671. Trading along either side of $3.865 through 10:00AM as traders found value in the recently diminished contract, prices dipped to $3 ... Read More
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