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Reports of Russia's Weekly Average Seaborne Crude Exports Increasing to its Highest Level Since Early July

December 14, 2023
Recap:  The oil market moved lower in overnight trading as it remained pressured by concerns over global demand and oversupply. The market was weighed by reports of Russia’s weekly average seaborne crude exports increasing to its highest level since early July and the EIA raising ... Read More
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The Crude Market Posted an Outside Trading Day on Tuesday as it Rallied Over Monday's High

December 13, 2023
Recap:  The crude oil market posted an outside trading day on Tuesday as it rallied over Monday’s high and below its previous low in a volatile trading session. The market posted a high of $71.96 in overnight trading on news that a Norwegian tanker in the Red Sea off the coast of ... Read More
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The Oil Market on Monday Ended Higher After Posting its Seventh Consecutive Weekly Decline

December 12, 2023
Recap:  The oil market on Monday ended higher after posting its seventh consecutive weekly decline last week. The market continued to retrace some of its previous losses in overnight trading as it posted a high of $71.81. The market was supported by the news late last week that t ... Read More
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Saudi Arabia & Russia Called for All OPEC+ Members to Join an Agreement on Output Cuts

December 11, 2023
Recap:  The crude market on Friday retraced some of its previous losses but still ended the week lower on concerns over a supply surplus and weak Chinese demand. On Thursday, Saudi Arabia and Russia called for all OPEC+ members to join an agreement on output cuts for the good of ... Read More
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The Crude Market on Thursday Traded Lower After it Retraced Some of its Recent Sharp Losses

December 8, 2023
Recap:  The crude market on Thursday traded lower after it retraced some of its recent sharp losses. The market opened 10 cents lower at $69.28 before it rebounded and gradually traded to a high of $70.48 early in the morning. It later erased all of its earlier gains and breached ... Read More
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The Market Continued to Weigh the Effectiveness of an Extension of the OPEC+ Output Cuts

December 7, 2023
Recap:  The oil market sold off more than 4% on Wednesday as the market continued to weigh the effectiveness of an extension of the OPEC+ output cuts against a worsening demand outlook in China. The market was further pressured by the larger than expected build in gasoline stocks ... Read More
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The Market Saw Some Volatile Trading as a Stronger Dollar Offset Supply Concerns

December 6, 2023
Recap:  The oil market continued on its downward trend for the fourth consecutive session on Tuesday as several attempts to rebound throughout the day failed. The market saw some volatile trading as a stronger dollar offset supply concerns after Russia’s Deputy Prime Minister sai ... Read More
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The Oil Market Continued to Sell Off on Monday Posting a Third Consecutive Day of Losses

December 5, 2023
Recap:  The oil market continued to sell off on Monday posting a third consecutive day of losses. The market remained under pressure on concerns over slowing demand and some skepticism that OPEC+ output cuts will amount to actual cuts. The cuts are voluntary, raising doubts about ... Read More
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The Oil Market Sold Off Almost 2.5% on Friday in the Wake of the OPEC+ Decision to Cut About 2.2 Million BPD in the First Quarter of Next Year

December 4, 2023
Recap:  The oil market sold off almost 2.5% on Friday in the wake of the OPEC+ decision to cut about 2.2 million bpd in the first quarter of next year. The market is viewing the announcement with some skepticism over whether OPEC+ producers will comply with the voluntary cuts or ... Read More
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The Oil Market Posted an Outside Trading Day on Thursday as it Rallied Over 2.2% Early in the Session

December 1, 2023
Recap:  The oil market posted an outside trading day on Thursday as it rallied over 2.2% early in the session before it pared its gains and sold off more than 3.6% by mid-day. Early in the session, the crude market posted a high of $79.60 as the market awaited the outcome of the ... Read More
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