COVID-19 Response
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The EIA report showed a decline in U.S. gasoline inventories

August 20, 2020
Recap: WTI futures were steady on Wednesday, shaking off early losses after gaining support from the EIA report, which showed a decline in U.S. gasoline inventories. Gains were limited however, as demand was down 14% from a year ago, as the pandemic took a bite out of seasonal de ... Read More
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Oil futures were pushed lower on Tuesday

August 19, 2020
Recap: Oil traders squared positions ahead of the API report and Wednesday’s meeting between OPEC and its allies, pushing oil futures lower on Tuesday. However, traders were placing bets that the products will outperform crude oil, taking both gasoline and heating oil futures hig ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $2.417 on Tuesday, August 18th

August 19, 2020
Tuesday, August 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.444, ten cents above Monday’s closing price of $2.339.  With bullish sentiment continuing to support the overbought market, prices jumped to a fresh eight-month intraday high of $2.465 at 9:30A ... Read More

Oil prices reversed early losses

August 18, 2020
Recap: Oil prices reversed early losses, as China planned to boost U.S. imports and as OPEC+ members almost fully complied with production cuts last month. The reports of U.S. imports to China implied that tensions between China and the U.S. are not as bad as feared, and that dem ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $2.339 on Monday, August 17th

August 18, 2020
Monday, August 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.359, just above Friday’s closing price of $2.356.  Extending to an intraday high of $2.374 at 9:40AM, prices then trended lower as the latest rally drove the contract into over-bought territory. ... Read More

September NYMEX Natural Gas Futures Contract Closed at $2.356 on Friday, August 14th

August 17, 2020
Friday, August 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.228, a penny above Thursday’s closing price of $2.182.  Ascending from the intraday low of $2.227 within minutes of the opening bell, prices surged throughout the morning to reach $2.320 by 10:0 ... Read More

The U.S. oil and gas rig count fell by three to a record low of 244

August 17, 2020
Recap: The oil markets continued to wander about in a sideways trading pattern today as traders appear to hold little conviction on the direction of prices here near term, especially as it appears many are absent from trading due to vacations.  Volume this week in the WTI futures ... Read More
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September NYMEX Natural Gas Futures Contract Closed at $2.182 on Thursday, August 13th

August 14, 2020
Thursday, August 13th saw the front-month NYMEX Natural Gas Futures Contract open at $2.161, a penny above Wednesday’s closing price of $2.152.  Seeking direction through the day’s opening ninety minutes, prices traded between $2.144 and $2.189 ahead of 10:30AM.  Jumping to an in ... Read More

The IEA reduced its 2020 oil demand forecast by 140,000 b/d to 91.9 million b/d

August 14, 2020
Recap: The oil market was on the defensive Thursday due in part to the release of IEA latest market outlook. The IEA reduced its 2020 oil demand forecast by 140,000 b/d to 91.9 million b/d, and also revised downward its 2021 demand outlook by 240,000 b/d to 97.1 million b/d. This ... Read More
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Fuel demand rose to 19.37 million b/d last week

August 13, 2020
Recap: The oil markets finished higher Wednesday, led by the gasoline market which finished up 3.3% followed by a 2.5% and a 1.5% gain recorded respectively in crude oil and heating oil. The positive demand numbers for the week ending August 7th released by the EIA this morning h ... Read More
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