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The Market Focused on Uncertainty Over a Potential Gaza Ceasefire and Expectations That OPEC+ Will Extend Voluntary Supply Cuts

February 28, 2024
Recap:  The crude market on Tuesday traded higher as the market focused on uncertainty over a potential Gaza ceasefire and expectations that OPEC+ will extend voluntary supply cuts in March. Israel, Hamas and Qatari mediators remained cautious about the progress towards a truce i ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $1.659 on Monday, February 26th

February 27, 2024
Monday, February 26th saw the front-month NYMEX Natural Gas Futures Contract open at $1.709, ten cents above Friday’s closing price of $1.603. Supported by last week’s news of a drop in production and uncertainty surrounding the front-month’s impending settlement, the contract pe ... Read More

The Oil Market on Monday Rallied Higher as Houthi Rebel Attacks Increased Concerns of Disruptions to Supply

February 27, 2024
Recap:  The oil market on Monday rallied higher as Houthi rebel attacks increased concerns of disruptions to supply. The U.S. Central Command said Houthi rebels in Yemen narrowly missed hitting a U.S.-flagged tanker on Saturday. The Houthi fired a missile that likely targeted the ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $1.603 on Friday, February 23rd

February 26, 2024
Friday, February 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.621, eleven cents below Thursday’s closing price of $1.732. Posting a modest bump to achieve the intraday high of $1.644 ahead of 9:05AM, the contract then continued its overnight decline as w ... Read More

Oil Market Falls as Fed's Rate Cut Delay and Geopolitical Tensions Fuel Uncertainty

February 26, 2024
Recap: On Friday, the oil market erased Thursday’s gains and posted a weekly decline of 2.51% after Federal Reserve officials continued to push back against a near-term start to interest rate cuts. On Thursday evening, Fed Governor Christopher Waller said U.S. Federal Reserve pol ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $1.732 on Thursday, February 22nd

February 23, 2024
Thursday, February 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $1.698, nearly eight cents below Wednesday’s closing price of $1.773. Ascending to $1.732 by 9:35AM, prices withdrew to trade near $1.710 ahead of the weekly storage publication. Sinking to rec ... Read More

The Market Continued to Trend Higher on News of a Missile Attack on a Cargo Ship

February 23, 2024
Recap:  The oil market rallied higher on Thursday on continued tensions in the Middle East. In overnight trading, the market continued to trend higher on news of a missile attack on a cargo ship off the southern coast of Yemen that prompted U.S.-led naval forces to respond. The m ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $1.773 on Wednesday, February 21st

February 22, 2024
Wednesday, February 21st saw the front-month NYMEX Natural Gas Futures Contract open at $1.770, nineteen cents above Tuesday’s closing price of $1.576. A major natural gas producer announced a planned reduction in active rigs in the coming year, sparking a rally that would peak m ... Read More

The Crude Market Rallied Higher Ahead of the Release of the Federal Reserve's Last Meeting in February

February 22, 2024
Recap:  The oil market traded higher as the market remained well supported by the continuing geopolitical tensions in the Middle East. The market traded lower in overnight trading, posting a low of $76.32 as the market was weighed by the uncertain outlook for global demand. Howev ... Read More
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March NYMEX Natural Gas Futures Contract Closed at $1.576 on Tuesday, February 20th

February 21, 2024
Tuesday, February 20th saw the front-month NYMEX Natural Gas Futures Contract open at $1.584, roughly two cents below Friday’s closing price of $1.609. Knocked down over the long weekend due to increasingly bearish forecasts to close out the month, prices rose to an intraday high ... Read More
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