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The Market Weighed Economic Concerns Against Plans by OPEC+ Producers to Cut Their Output

April 6, 2023
Recap:  The oil market posted an inside trading day as it failed to breach its previous trading range. The market weighed economic concerns against plans by OPEC+ producers to cut their output. The market traded towards its previous high in overnight trading ahead of the expected ... Read More
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May NYMEX Natural Gas Futures Contract Closed at $2.106 on Tuesday, April 4th

April 5, 2023
Tuesday, April 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.129, three cents above Monday’s closing price of $2.097. Tallying the intraday high of $2.135 within minutes of the open, supported by an expected drop in production due to pipeline maintenance, ... Read More

The Market Weighed the OPEC+ Production Cut Against Weak Economic Data

April 5, 2023
Recap: The oil market on Tuesday ended the session mostly sideway as the market weighed the OPEC+ production cut against weak economic data. In overnight trading, the market extended its previous gains following the surprising decision by OPEC+ to cut production by 1.66 million b ... Read More
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May NYMEX Natural Gas Futures Contract Closed at $2.097 on Monday, April 3rd

April 4, 2023
Monday, April 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.113, ten cents below Friday’s closing price of $2.216. Ascending to the intraday high of $2.160 by 9:15AM, bulls had exhausted their efforts as forecasts made a convincingly bearish shift over the ... Read More

OPEC and its Allies Surprised the Market With an Announcement on Sunday That it is Cutting its Production

April 4, 2023
Recap:  The oil market surged higher on Monday after OPEC and its allies, including Russia, surprised the market with an announcement on Sunday that it is cutting its production target by a further 1.16 million bpd starting in May. OPEC+, had been expected at its monthly meeting ... Read More
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U.S. Inflation Data Showed Some Signs of Price Pressures Easing

April 3, 2023
Recap:  Oil prices continued to move higher on Friday as U.S. inflation data showed some signs of price pressures easing. The market posted a low of $73.77 in overnight trading before it bounced off that level and continued to retrace its previous losses. The market retraced more ... Read More
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May NYMEX Natural Gas Futures Contract Closed at $2.104 on Thursday, March 30th

March 31, 2023
Thursday, March 30th saw the front-month NYMEX Natural Gas Futures Contract open at $2.142, four cents below Wednesday’s closing price of $2.184. Ascending to the intraday high of $2.165 shortly after 9:30AM, the contract fell to trade near $2.125 ahead of the weekly storage publ ... Read More

The Oil Market on Thursday Posted an Outside Trading Day as it Continued to Erase Wednesday's Early Gains

March 31, 2023
Recap:  The oil market on Thursday posted an outside trading day as it continued to erase Wednesday’s early gains in overnight trading and later bounced higher. The market extended its previous losses as it posted a low of $72.61 in overnight trading. However, the market bounced ... Read More
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May NYMEX Natural Gas Futures Contract Closed at $2.184 on Wednesday, March 29th

March 30, 2023
Wednesday, March 29th, settlement day for the April contract saw the front-month NYMEX contract open at $1.981, five cents below Tuesday’s closing price of $2.030. In a sparse day of trading, prices rose to an intraday high of $2.083 and settled at $1.991. The more actively tr ... Read More

The Crude Market Was Well Supported by the API Report Showing an Unexpected Draw in Oil Stocks

March 30, 2023
Recap:  The oil market traded lower following some choppy trading as traders took profits following two consecutive days of gains. Early in the session, the crude market was well supported by the API report showing an unexpected draw in oil stocks of 6.1 million barrels on the we ... Read More
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