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A global oversupply of oil has been almost eliminated

May 15, 2018
Recap: According to an OPEC report put out on Monday, the global oil glut has almost been eliminated; however, its members and outside participants in the cuts continue to operate at lower rates. This pushed oil prices higher, with Brent reaching its highest level since November ... Read More
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US drillers added 10 rigs to their count, bringing the total number to 844

May 14, 2018
Recap: Oil prices held near multi-year highs despite U.S. energy companies adding to the number of active oil rigs for the sixth straight week. According to Baker-Hughes U.S. drillers added 10 rigs to their count, bringing the total number to 844, the highest level since March 20 ... Read More
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Analysts at BofA Merrill Lynch put out a report calling for the possibility of Brent reaching $100 dollars

May 11, 2018
Recap: After posting early gains, oil prices slipped on Thursday as traders decided to take profits after Tuesday’s wild session and Wednesday’s follow through to the upside. The downside was limited as market participants continue to grapple with the situation in Venezuela amid ... Read More
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Oil prices rose more than 3 percent due to the US pulling out of the Iranian nuclear deal

May 10, 2018
Recap: Oil prices, still reeling from the U.S. pull out of the Iranian nuclear deal rose more than 3 percent to their highest level in 3 1/2 years, reversing Tuesday’s losses. The larger than expected 2.2 million barrel drawdown in U.S. crude oil inventories gave the market an ex ... Read More
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Oil prices fell by more than 3% within a 7 minute span on Tuesday

May 9, 2018
Recap: Oil prices had a wild ride on Tuesday, falling by more than 3% within a 7 minute span; with July Brent trading over 100,000 contracts in a 1 hours’ time. This spot contract slipped to a low of $73.10 before regaining traction. June WTI slipped equally as much, falling to a ... Read More
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WTI and Brent reached highest levels since 2014

May 8, 2018
Recap: With Iranian tensions keeping traders on edge, WTI shot through $70 a barrel on Monday, while Brent rose above $76 a barrel. Both blends reached their highest level since 2014. The June WTI contract rose to a high of $70.84 a barrel and remained within a 28 cent range up u ... Read More
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The US active rig count rose by 9 for the fifth straight week of gains

May 7, 2018
Recap: Oil prices rose for the third straight day, with WTI rising to its highest level since November 2014 and Brent posting its fourth week of gains, as global supplies remain tight and as traders gear up for U.S. President Trump’s decision on the Iranian nuclear deal. Trump’s ... Read More
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Enquest announced it had shut down pipeline systems carrying crude oil to its Sullom Voe Terminal in the Shetland Islands

May 4, 2018
Recap: Oil prices rose from early losses after Enquest’s announcement it had shut down pipeline systems carrying crude oil to its Sullom Voe Terminal in the Shetland Islands.  The news broke around 10:00 am EST, sparking a steady, but slow climb of more than 2% in both WTI and Br ... Read More
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Iranian concerns and weakness in the dollar lifted prices off of their lows and into a period of sideways trading

May 3, 2018
Recap: Wednesday’s reaction to the 6 million barrel build in U.S. crude oil stocks is strong evidence of underlying concern U.S. President Donald Trump will decide to pull out of the Iran nuclear deal. Just prior to the release of the EIA report, June WTI was trading at $67.11, a ... Read More
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Oil prices fell 2.5% as the dollar strengthened

May 2, 2018
Recap: Oil prices fell 2.5% as the dollar strengthened, but found support provided by the possibility that U.S. President Trump would instill sanctions against Iran. In overnight trading, prices made a feeble attempt to trade higher, however, Brent held below $75, while WTI held ... Read More
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