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The Oil Market Continued on its Upward Trend on Thursday

January 13, 2023
Recap:  The oil market continued on its upward trend on Thursday in follow through strength seen on Wednesday amid concerns over the impact of sanctions on Russian crude output. The market was further supported by expectation of increasing demand in China that could give a boost ... Read More

The Oil Market Rallied Higher

January 12, 2023
Recap:  The oil market rallied higher as concerns over the impact of sanctions on Russian crude output outweighed a large unexpected build in crude stocks. The market was supported by reports indicating that G7 countries could soon target Russian refined products with sanctions i ... Read More

The Market Awaits the Release of the Weekly Petroleum Stock Reports

January 11, 2023
Recap: The oil market posted an inside trading day as the market awaits the release of the weekly petroleum stock reports. The oil market continued to move lower in overnight trading in follow through trading seen on Monday afternoon. The market posted a low of $73.84 before it b ... Read More

The Largest Weekly Decline at the Start of a Year Since 2016

January 10, 2023
Recap:  The oil market rallied higher on Monday after falling more than 8% last week, the largest weekly decline at the start of a year since 2016. The oil market was well supported by news that China opened its borders over the weekend for the first time in three years. Domestic ... Read More

The Oil Market Retraced its Previous Losses

January 9, 2023
Recap:  The oil market retraced its previous losses and rallied by over $1 early in the session amid a weaker dollar. The dollar pared its earlier gains following the release of the U.S. Labor Department’s nonfarm payroll data. The report showed that employers added 223,000 jobs ... Read More

The U.S. Energy Information Administration Reported an Increase of 1.7 Millions Barrels

January 6, 2023
Recap:  Oil futures rose on Thursday after the U.S. Energy Information Administration reported an increase of 1.7 million barrels for the week to December 30. This puts U.S. crude oil inventories at 420.6 million barrels, 4 percent below the seasonal five-year average. Oil prices ... Read More

Concerns About Immediate Global Oil Demand Intensified

January 5, 2023
Recap: Oil prices crashed early on Wednesday, with Brent crude falling below the $80 a barrel mark again, as concerns about immediate global oil demand intensified with soaring COVID cases in China and slowing economies globally. On Wednesday, oil prices continued the Tuesday rou ... Read More

The Market Sold Off Sharply on Tuesday

January 4, 2023
Recap : The oil market sold off sharply on Tuesday following the long New Year’s holiday weekend. The market was pressured by weak demand data from China and a gloomy economic outlook. China’s government raised its export quotas for refined oil products in the first batch for 202 ... Read More

WTI Finished the Year Above $80 a Barrel

January 3, 2023
Recap: WTI finished the year above $80 a barrel, with the February contract climbing $1.86, or 2.37%, to close the session at $80.26 a barrel. This represents a gain of $5.05 per barrel, or 6.71% to $80.26 this year. Brent tacked on $8.13, or 10.45% this year, gaining $2.45, or 2 ... Read More

Oil Futures Fell Despite a Weak Dollar and Strong Equities

December 30, 2022
Recap :  Oil prices fell for a second straight session on Thursday on an uncertain demand outlook as more countries considered restrictions on Chinese travelers with COVID-19 infections spreading in the top oil-importing nation. Oil futures fell despite a weak dollar and strong e ... Read More
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