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The Oil Market Traded Lower on Monday as Russia Revised its Fuel Ban

September 26, 2023
Recap: The oil market traded lower on Monday as Russia revised its fuel ban. The market traded mostly sideways in overnight trading and posted a high of $90.83 as the market remained concerned about higher interest rates that could impact demand. However, the crude market erased ... Read More
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The Oil Market Erased its Gains on Expectations that the Ban on Product Exports Will Not Be For Long

September 25, 2023
Recap: While the oil market traded higher early on Friday on renewed supply concerns from Russia’s fuel export ban, it erased its gains on expectations that the ban on product exports will not be for long. The crude market retraced some of Thursday’s losses and breached its previ ... Read More
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The Oil Market on Thursday Sold Off in Overnight Trading but Bounced Higher on News of a Russian Ban on Fuel Exports

September 22, 2023
Recap:  The oil market on Thursday sold off in overnight trading but bounced higher on news of a Russian ban on fuel exports. The November WTI contract on its first day as the spot contract continued to find some further selling pressure following the news that while the Federal ... Read More
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The Oil Market Retraced Some of its Recent Gains on Wednesday Ahead of the October Contract's Expiration

September 21, 2023
Recap:  The oil market retraced some of its recent gains on Wednesday ahead of the October contract’s expiration at the close. The market opened 35 cents higher at $91.55 and continued to find some selling pressure in overnight trading following Tuesday’s sell off from its highs. ... Read More
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The Oil Market Continued on its Upward Trend and Posted a 10-Month High Early in the Day on Supply Concerns

September 20, 2023
Recap:   The oil market continued on its upward trend and posted a 10-month high early in the day on supply concerns and weakness in the dollar. However a rebound in the dollar index pushed the oil market to its lows in afternoon trading. The crude market breached its previous hi ... Read More
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Traders Remained Focused on the Prospect of Increasing Supply Deficit in the Fourth Quarter

September 19, 2023
Recap:  The oil market rallied higher as traders remained focused on the prospect of increasing supply deficit in the fourth quarter amid the voluntary extension of supply cuts by Saudi Arabia and Russia until the end of the year. Citi became the latest bank to predict Brent pric ... Read More
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Supply Tightness Following the Saudi Arabian Production Cuts and Optimism Regarding Chinese Demand Lifted Oil Prices

September 18, 2023
Recap:  The oil market on Friday rallied higher and posted a gain for the third consecutive week as supply tightness following the Saudi Arabian production cuts and optimism regarding Chinese demand lifted oil prices. The market continued to climb higher in overnight trading and ... Read More
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The Oil Market on Thursday Continued Higher in its Upward Trend Channel on Concerns of Tighter Supply

September 15, 2023
Recap:  The oil market on Thursday continued higher in its upward trend channel on concerns of tighter supply. The market retraced some of Wednesday’s losses but remained range bound as it held resistance at its previous high. However, the market breached that level and rallied h ... Read More
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An Unexpected Build in Oil Inventories Offset Expectations of a Tight Market

September 14, 2023
Recap:  The oil market continued on its upward trend in overnight trading before an unexpected build in oil inventories offset expectations of a tight market. The market rallied higher in overnight trading in follow through strength seen during Tuesday’s session. WTI crude rallie ... Read More
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The Oil Market Reversed Monday's Small Declines and Continued on its Recent Uptrend

September 13, 2023
Recap:   The oil market reversed Monday’s small declines and continued on its recent uptrend. The market was supported by a tighter supply outlook and as OPEC maintained its demand growth forecast for this year and next year, citing resilient economic growth despite increasing in ... Read More
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