COVID-19 Response
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The Largest Weekly Decline at the Start of a Year Since 2016

January 10, 2023
Recap:  The oil market rallied higher on Monday after falling more than 8% last week, the largest weekly decline at the start of a year since 2016. The oil market was well supported by news that China opened its borders over the weekend for the first time in three years. Domestic ... Read More
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February NYMEX Natural Gas Futures Contract Closed at $3.710 on Friday, January 6th

January 9, 2023
Friday, January 6th saw the February NYMEX Natural Gas Futures Contract open at $3.664, six cents below Thursday’s closing price of $3.720. With forecasts remaining unquestionably bearish for the weeks ahead, the contract managed to fight off any additional losses through the mor ... Read More

The Oil Market Retraced its Previous Losses

January 9, 2023
Recap:  The oil market retraced its previous losses and rallied by over $1 early in the session amid a weaker dollar. The dollar pared its earlier gains following the release of the U.S. Labor Department’s nonfarm payroll data. The report showed that employers added 223,000 jobs ... Read More
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February NYMEX Natural Gas Futures Contract Closed at $3.720 on Thursday, January 5th

January 6, 2023
Thursday, January 5th saw the February NYMEX Natural Gas Futures Contract open at $3.889, twenty-eight cents below Wednesday’s closing price of $4.172. Settling in near the $3.830 level heading into the weekly storage publication, prices trended lower as the above-average withdra ... Read More

The U.S. Energy Information Administration Reported an Increase of 1.7 Millions Barrels

January 6, 2023
Recap:  Oil futures rose on Thursday after the U.S. Energy Information Administration reported an increase of 1.7 million barrels for the week to December 30. This puts U.S. crude oil inventories at 420.6 million barrels, 4 percent below the seasonal five-year average. Oil prices ... Read More
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Concerns About Immediate Global Oil Demand Intensified

January 5, 2023
Recap: Oil prices crashed early on Wednesday, with Brent crude falling below the $80 a barrel mark again, as concerns about immediate global oil demand intensified with soaring COVID cases in China and slowing economies globally. On Wednesday, oil prices continued the Tuesday rou ... Read More
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February NYMEX Natural Gas Futures Contract Closed at $4.172 on Wednesday, January 4th

January 5, 2023
Wednesday, January 4th saw the February NYMEX Natural Gas Futures Contract open at $4.042, five cents above Tuesday’s closing price of $3.988. Tallying the intraday low of $4.000 by 10:00AM, prices then rose to trade along the $4.15 level ahead of midday. Despite overnight foreca ... Read More

February NYMEX Natural Gas Futures Contract Closed at $3.988 on Tuesday, January 3rd

January 4, 2023
Tuesday, January 3rd saw the February NYMEX Natural Gas Futures Contract open at $4.007, forty-seven cents below Friday’s closing price of $4.475. Hindered once again by bearish conditions that are expected to last at least another ten days, prices dropped sharply overnight. Post ... Read More

The Market Sold Off Sharply on Tuesday

January 4, 2023
Recap : The oil market sold off sharply on Tuesday following the long New Year’s holiday weekend. The market was pressured by weak demand data from China and a gloomy economic outlook. China’s government raised its export quotas for refined oil products in the first batch for 202 ... Read More
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February NYMEX Natural Gas Futures Contract Closed at $4.475 on Friday, December 30th

January 3, 2023
The January NYMEX Natural Gas Futures Contract settled at $4.709 on Wednesday December 28th. Markets were closed yesterday in observance of the New Year holiday. Friday, December 30rd saw the February NYMEX Natural Gas Futures Contract open at $4.475, eight cents below Thur ... Read More
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