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Chinese Refinery Throughput Was Reported to Have Increased in May to its Second Highest Total on Record

June 20, 2023
Recap:  The oil market rallied higher on Friday and settled up 2.3% on the week on hopes of increasing Chinese oil demand. Earlier in the week, Chinese refinery throughput was reported to have increased in May to its second highest total on record. However, the market’s gains wer ... Read More
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July NYMEX Natural Gas Futures Contract Closed at $2.632 on Friday, June 16th

June 19, 2023
Friday, June 16th saw the front-month NYMEX Natural Gas Futures Contract open at $2.571, four cents above Thursday’s closing price of $2.533. Spiking to $2.635 within minutes of the open, prices pulled back to record the intraday low of $2.522 at 9:40AM. Continuing this week’s ra ... Read More

July NYMEX Natural Gas Futures Contract Closed at $2.533 on Thursday, June 15th

June 16, 2023
Thursday, June 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.412, seven cents above Wednesday’s closing price of $2.342. Marking the intraday low of $2.406 soon after the opening bell, prices rose to the $2.430 level leading up to the weekly storage publi ... Read More

The Fed Held Rates Steady for June but Suggested Further Rate Hikes Later This Year

June 16, 2023
Recap:  The oil market on Thursday retraced its previous losses and posted an outside trading day as traders covered some of their short positions. This followed Wednesday’s 1.7% decline after the Fed held rates steady for June but suggested further rate hikes later this year. Th ... Read More
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Bullish Oil Demand Growth Forecasts from the International Energy Agency

June 15, 2023
Recap:  The oil market traded mostly sideways in overnight trading before it rallied higher on bullish oil demand growth forecasts from the International Energy Agency. The IEA raised its oil demand growth forecast for this year by 200,000 bpd to 2.4 million bpd. The market exten ... Read More
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July NYMEX Natural Gas Futures Contract Closed at $2.342 on Wednesday, June 14th

June 15, 2023
Wednesday, June 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.384, four cents above Tuesday’s closing price of $2.340. Propped up overnight by a bullish shift in expected cooling demand, the contract traded within a tight band near $2.340 throughout the s ... Read More

July NYMEX Natural Gas Futures Contract Closed at $2.340 on Tuesday, June 13th

June 14, 2023
Tuesday, June 13th saw the front-month NYMEX Natural Gas Futures Contract open at $2.327, six cents above Monday’s closing price of $2.266. Riding Monday’s wave of cooling-demand driven gains, prices rose to the intraday high of $2.370 at 9:25AM. Trading within a tight band near ... Read More

The Oil Market Posted an Inside Trading Day on Tuesday After the Market Retraced Most of its Previous Losses

June 14, 2023
Recap:   The oil market posted an inside trading day on Tuesday after the market retraced most of its previous losses, breaking a three-day slide. The market posted a low of $67.15 in overnight trading before it bounced higher after the market seemed oversold from its previous lo ... Read More
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Concerns About Demand Growth Just Ahead of the Federal Reserve's Policy Meeting on Wednesday

June 13, 2023
Recap:  The oil market sold off sharply on Monday amid some market analysis highlighting increasing global supplies and concerns about demand growth just ahead of the Federal Reserve’s policy meeting on Wednesday. This followed Friday’s inside trading session. On Sunday evening, ... Read More
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July NYMEX Natural Gas Futures Contract Closed at $2.266 on Monday, June 12th

June 13, 2023
Monday, June 12th saw the front-month NYMEX Natural Gas Futures Contract open at $2.225, seven cents below Friday’s closing price of $2.254. Knocked down early on by reduced expectations for cooling demand in the coming week per NatGasWeather.com, prices slipped to an intraday lo ... Read More
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