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Oil futures gained traction for the second straight session

December 31, 2020
Recap: Oil futures gained traction for the second straight session, supported by a larger than expected draw in U.S. crude oil inventories and the roll out of coronavirus vaccines. However, gains were kept at bay by an abundance of supply amid faltering demand. Apart from this, t ... Read More
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February NYMEX Natural Gas Futures Contract Closed at $2.444 on Tuesday, December 29th

December 30, 2020
Tuesday, December 29th saw the front-month NYMEX Natural Gas Futures Contract open at $2.377. Prices would increase from that point, as the February contract’s $2.377 opening price was also the intraday low. Prices began a staggered ascent after opening, working towards an intrad ... Read More

Oil futures climbed on Tuesday in a lightly traded market

December 30, 2020
Recap: Oil futures climbed on Tuesday in a lightly traded market, as traders grew more optimistic over another round of economic stimulus by U.S. law makers, which may help boost demand and spur the economy. WTI for February delivery gained 38 cents, or 0.8%, to settle at $48 a b ... Read More
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IIR Energy reported that U.S. oil refiners are expected to shut in 3.6 million bpd of capacity

December 29, 2020
Recap: After opening unchanged, oil futures jumped following President Trump’s decision to sign legislation that includes $900 billion in aid to consumers and small businesses. However, the early run up faded as traders worried that an expected holiday spike in COVID-19 cases wou ... Read More
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January NYMEX Natural Gas Futures Contract Closed at $2.305 on Monday, December 28th

December 29, 2020
Monday, December 28th saw the front-month NYMEX Natural Gas Futures Contract open at $2.259, significantly lower than Thursday’s closing price of $2.519. Prices quickly dropped to an intraday low of $2.238 at 9:10AM. From there, prices began a staggered ascent, reaching an intrad ... Read More

ADNOC eased supply cuts in line with an OPEC+ agreement to increase production by 500,000 bpd

December 28, 2020
Fundamental News:  Abu Dhabi National Oil Company has kept crude supply reductions to term customers in Asia mostly steady in February versus January.  ADNOC notified its customers that their February term supplies for Murban and Das crude will be reduced by 18% to 20% while Umm ... Read More
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January NYMEX Natural Gas Futures Contract Closed at $2.519 on Thursday, December 24

December 28, 2020
Thursday, December 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.582, two cents above Wednesday’s closing price $2.606.  Prices rose to an intraday high of $2.632 at 10:50AM, before steadily declining to an intraday low of $2.515 at 1:20PM. The January co ... Read More

Oil futures rose after EIA showed draws in U.S. inventories

December 24, 2020
Recap:  Oil futures rose sharply on Wednesday after the EIA showed draws across the board in U.S. inventories. While inventories for crude oil showed a smaller than expected decline, stockpiles for gasoline and distillates fell more than expected, raising trader’s hopes that dema ... Read More
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January NYMEX Natural Gas Futures Contract Closed at $2.780 on Tuesday, December 22nd

December 23, 2020
Tuesday, December 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.787, eight cents above Monday’s closing price $2.705.  Trickling downward to an intraday low of $2.764 by 10:00AM, the overnight jump in prices was likely due to colder temperatures entering ... Read More

OPEC and other major producers are set to increase output by 500,000 barrels per day starting in January

December 23, 2020
Recap: Oil futures ended lower on Tuesday, marking the second straight day of losses, as a new strain of COVID-19 reignited concerns over demand and a global economic recovery. Due to the discovery of the mutation in the UK, several countries have closed their borders with Great ... Read More
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