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The Oil Market Was Well Supported By a Weaker Dollar and a Fall in Kazakhstan's Oil Output

November 29, 2023
Recap:  The oil market moved higher, while still remaining within last Wednesday’s trading range from $77.97 to $73.79, ahead of the weekly petroleum stock reports later on Tuesday and Wednesday morning and the OPEC+ meeting on Thursday. The market traded mostly sideways in overn ... Read More
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December NYMEX Natural Gas Futures Contract Closed at $2.794 on Monday, November 27th

November 28, 2023
Monday, November 27th saw the front-month NYMEX Natural Gas Futures Contract open at $2.794, six cents below Friday’s closing price of $2.855. Following a four-cent decline during Friday’s session, a bearish shift in expected heating demand and steady production pushed the front- ... Read More

The Oil Market on Monday Traded Lower and Remained Within Last Wednesday's Trading Range

November 28, 2023
Recap:  The oil market on Monday traded lower and remained within last Wednesday’s trading range as traders awaited this week’s OPEC+ meeting. Last week, the market tumbled when OPEC+ decided to postpone its ministerial meeting until November 30th to iron out differences on produ ... Read More
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The Oil Market Sold Off Sharply on Wednesday After OPEC+ Producers Delayed Their Scheduled Meeting

November 27, 2023
Recap:  The oil market sold off sharply on Wednesday after OPEC+ producers delayed their scheduled meeting from Sunday until November 30th, signaling disunity among the producer group. While the group has delayed meetings before, the long delay indicates the difficulties within t ... Read More
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December NYMEX Natural Gas Futures Contract Closed at $2.846 on Tuesday, November 21st

November 22, 2023
Tuesday, November 21st saw the front-month NYMEX Natural Gas Futures Contract open at $2.892, a penny above Monday’s closing price of 2.882. Trading gradually higher throughout the morning, weather models trended slightly bullish overnight. Recording the intraday high of $2.291 a ... Read More

The oil market on Tuesday consolidated its trading following back to back gains as traders turned cautious ahead of this week

November 22, 2023
Recap: The oil market on Tuesday consolidated its trading following back to back gains as traders turned cautious ahead of this week’s EIA crude stocks report and Sunday’s OPEC+ meeting. The market, which had retraced almost 38% of its move from a high of $88.37 to a low of $72.3 ... Read More
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December NYMEX Natural Gas Futures Contract Closed at $2.883 on Friday, November 20th

November 21, 2023
Monday, November 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.888, seven cents below Friday’s closing price of $2.960. Ascending gradually to reach an intraday high of $2.938 at 10:45AM, prices were knocked down over the weekend by a materially bearish s ... Read More

The oil market continued to retrace last week’s losses on Monday

November 21, 2023
Recap: The oil market continued to retrace last week’s losses on Monday as the market looked ahead to this weekend’s OPEC meeting scheduled for November 26th. The market traded higher in follow through strength seen on Friday after OPEC+ source said that the producer group is set ... Read More
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December NYMEX Natural Gas Futures Contract Closed at $2.960 on Friday, November 17th

November 20, 2023
Friday, November 17th saw the front-month NYMEX Natural Gas Futures Contract open at $3.002, six cents below Thursday’s closing price of $3.062. Recording the intraday high of $3.004 out of the gate, the contract then continued the previous session’s storage-induced sell off. Sta ... Read More

The Market Fell Almost 5% to a Four Month Low on Concerns Over Demand

November 20, 2023
Recap:  The oil market posted an inside trading day on Friday and settled higher but still posted its fourth consecutive week of losses. The market retraced some of its sharp losses posted on Thursday, when it fell almost 5% to a four month low on concerns over demand. The market ... Read More
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