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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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The Market Awaited Monthly U.S. Economic Data on Inflation and Retail Sales Later This Week

September 12, 2023
Recap:  The oil market traded mostly sideways on Monday as the market awaited monthly U.S. economic data on inflation and retail sales later this week. The market traded sideways in overnight trading before it breached its previous resistance level at $88.08 and posted a high of ... Read More
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The Market Remained Well Supported by Saudi Arabia and Russia's Voluntary Extension of Their Combined Output Cuts

September 11, 2023
Recap:  The oil market on Friday posted an outside trading day but continued to trade within Wednesday’s trading range. The market, which continued to take further profits in overnight trading, breached its previous low of $86.39 and sold off to a low of $86.15. However, the mark ... Read More
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The Oil Market Posted an Inside Trading Day and Ended the Session in Negative Territory, Ending a Nine-Day Streak of Gains

September 8, 2023
Recap:  The oil market posted an inside trading day and ended the session in negative territory, ending a nine-day streak of gains. The market traded lower on profit-taking. The crude market posted a high of $87.74 in overnight trading before it traded lower, as it retraced some ... Read More
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The Crude Market Traded Higher in Follow Through Strength Seen on Tuesday

September 7, 2023
Recap:   On Wednesday, the crude market traded higher in follow through strength seen on Tuesday in light of the Saudi and Russian decision to extend their output cuts until the end of the year. The market posted a low of $85.93 in overnight trading. However, the market bounced o ... Read More
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