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China Announced an Economic Growth Target of 5% for 2024

March 6, 2024
Recap:  The oil market continued to trend lower for the second consecutive session after China’s economic growth targets provided little optimism about an immediate economic rebound. China announced an economic growth target of 5% for 2024. However economists believe it is a goal ... Read More
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An Inside Trading Day on Monday Following the Widely Expected Extension of Voluntary Output Cuts

March 5, 2024
Recap:  The oil market posted an inside trading day on Monday following the widely expected extension of voluntary output cuts through the middle of the year by OPEC+. On Sunday, OPEC+ decided to extend their voluntary oil output cuts of 2.2 million bpd into the second quarter to ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.916 on Monday, March 4th

March 5, 2024
Monday, March 4th saw the front-month NYMEX Natural Gas Futures Contract open at $1.971, fourteen cents above Friday’s closing price of $1.835. Prices were directed higher before markets opened yesterday, as U.S. natural gas product EQT announced production cuts that will last th ... Read More

April NYMEX Natural Gas Futures Contract Closed at $1.835 on Friday, March 1st

March 4, 2024
Friday, March 1st saw the front-month NYMEX Natural Gas Futures Contract open at $1.842, two cents below Thursday’s closing price of $1.860. Falling to the intraday low of $1.810 by 9:15AM, the growing storage surplus seems to be weighing on the market. Ascending to an intraday h ... Read More

The Market Awaited an OPEC+ Decision on Supply Agreements for the Second Quarter

March 4, 2024
Recap:  The oil market rallied higher on Friday and ended the week 4.55% higher as the market awaited an OPEC+ decision on supply agreements for the second quarter. Earlier in the week, OPEC+ sources stated that the producer group will consider extending voluntary oil output cuts ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.808 on Thursday, February 29th

March 1, 2024
Thursday, February 29th saw the front-month NYMEX Natural Gas Futures Contract open at $1.856, three cents below Wednesday’s closing price of $1.885. Recording the intraday low of $1.839 within minutes of the opening bell, prices traded sideways along $1.865 leading up to the wee ... Read More

The Market Bounced Higher Ahead of the Release of U.S. Inflation Data for January

March 1, 2024
Recap:  The oil market posted an inside trading day after it posted the day’s trading range by mid-day. The market posted a low of $77.95 in overnight trading. However, the market bounced higher ahead of the release of U.S. inflation data for January. The crude market traded high ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.808 on Wednesday, February 28th

February 29, 2024
Wednesday, February 28th saw the front-month NYMEX Natural Gas Futures Contract open at $1.857, five cents above Tuesday’s closing price of $1.808. Supported by short-term cold settling in the Midwest and cuts to production, prices tallied an intraday low of $1.844 at 9:30AM befo ... Read More

Builds in U.S. Crude Stocks Offset its Gains From a Potential Extension to the OPEC+ Output Cuts

February 29, 2024
Recap:  The oil market ended the session mostly sideways after posting the day’s trading range by mid-morning as larger than expected builds in U.S. crude stocks offset its gains from a potential extension to the OPEC+ output cuts. The crude market posted a low of $77.78 in overn ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.808 on Tuesday, February 27th

February 28, 2024
Tuesday, February 27th saw the front-month NYMEX Natural Gas Futures Contract open at $1.680, two cents above Monday’s closing price of $1.659.  Trading within a wide range throughout the day, March settled lower on Tuesday at $1.615. The more actively traded April contract op ... Read More
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