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Hurricane Ida weakened after forcing the shutdown of 1.74 million bpd of U.S. Gulf oil production

August 31, 2021
Recap: On Monday, the oil market erased its early rally to a four-week high, as Hurricane Ida weakened after forcing the shutdown of 1.74 million bpd of U.S. Gulf oil production ahead of the storm.  The market was also pressured as OPEC+ looked set to proceed with a planned oil o ... Read More
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October NYMEX Natural Gas Futures Contract Closed at $4.305 on Monday, August 30th

August 31, 2021
Monday, August 30th saw the front-month NYMEX Natural Gas Futures Contract open at $4.323, sixteen cents below Friday’s closing price of $4.388. Trending downward through the day’s opening hour as Hurricane Ida had made landfall the day before, largely sparing natural gas infrast ... Read More

Oil market traded higher on Friday despite energy companies shutting in production

August 30, 2021
Recap:  The oil market on Friday continued to trend higher after it posted an inside trading day on Thursday.  The market remained well supported as energy companies shut in production in the Gulf of Mexico ahead of Hurricane Ida, which was forecast to be at least a Category 3 or ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $4.370 on Friday, August 27th

August 30, 2021
Friday, August 27th – settlement day for the September contract – saw the front-month NYMEX Natural Gas Futures Contract open at $4.374, nearly twenty cents above Thursday’s closing price of $4.184. The arrival of Hurricane Ida in the Gulf and possible threat to Natural Gas and O ... Read More

Oil market posted an inside trading day after three-day rally

August 27, 2021
Recap:  The oil market on Thursday posted an inside trading day as it erased some of Wednesday’s gains and remained in negative territory for much of the day.  Following a three-day rally, the market was pressured by renewed concerns over demand amid the rising COVID-19 cases and ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $4.184 on Thursday, August 26th

August 27, 2021
Thursday, August 26th saw the front-month NYMEX Natural Gas Futures Contract open at $3.963, nearly seven cents above Wednesday’s closing price of $3.897. Marking an intraday low of $3.958 soon after the opening bell, prices rose to $3.955 ahead of the week storage publication, c ... Read More

September NYMEX Natural Gas Futures Contract Closed at $3.897 on Wednesday, August 25th

August 26, 2021
Wednesday, August 25th saw the front-month NYMEX Natural Gas Futures Contract open at $3.905, a penny above Tuesday’s closing price of $3.896. Posting a steady climb to start the day, reaching an intraday high of $3.991 by 10:40AM, fundamentals remain unchanged from the previous ... Read More

The EIA reported that the four week average of U.S. total product supplied increased to nearly 21 million bpd

August 26, 2021
Recap: On Wednesday, the oil market steadied following its sharp gains over the past couple of sessions on the news that Mexico was set to resume its shut in production following a major outage.  Mexico’s Pemex reported overnight that it expected to resume its output by August 30 ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $3.896 on Tuesday, August 24th

August 25, 2021
Tuesday, August 24th saw the front-month NYMEX Natural Gas Futures Contract open at $3.917, three cents below Monday’s closing price of $3.945.  Attaining an intraday high of $3.944 by 9:20AM, the contract traded along either side of $3.910 for the majority of the day. Traders ar ... Read More

The oil market rose almost 3% on Tuesday

August 25, 2021
Recap: The oil market extended Monday’s sharp gains as it rose almost 3% on Tuesday as concerns over diminishing demand eased following the FDA’s full approval of the Pfizer/BioNTech Covid-19 vaccine on Monday.  Also, reports of China’s apparent success in curbing the spread of t ... Read More
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