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Trading on Wednesday Appeared to Narrow the Spread Between Brent and WTI

July 6, 2023
Recap:   On Wednesday, the oil market posted an outside trading day as the market weighed the supply cuts announced earlier this week by Saudi Arabia and Russia against the concerns over the global economy. The market traded mostly sideways during Tuesday’s short trading session ... Read More
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The Oil Market Erased its Gains and Sold Off Ahead of the Fourth of July Holiday

July 5, 2023
Recap: On Monday, the oil market erased its early gains and sold off ahead of the Fourth of July holiday on Tuesday. Early in the morning, the market rallied to a high of $71.77 after Saudi Arabia and Russia announced supply cuts for August overshadowing any concern over the econ ... Read More
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The Third Consecutive Higher Daily Settlement as the Financial Markets Found Support by Signs that Inflation Was Slowing

July 3, 2023
Recap: The oil market settled higher Friday, posting the third consecutive higher daily settlement as the financial markets found support by signs that inflation was slowing. But despite the gains, the oil markets still posted their fourth straight quarterly loss as concerns stil ... Read More
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The Market Remained Range Bound and Traded In and Out of Positive Territory on Thursday

June 30, 2023
Recap:  The oil market remained range bound and traded in and out of positive territory on Thursday as the market continued to weigh the concerns over the economy and global oil demand against the larger than expected draw in oil stocks. The crude market traded mostly sideways in ... Read More
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A Larger Than Expected Draw in Crude Stocks Offset Concerns Over Further Interest Rate Hikes Slowing Economic Growth and Global Oil Demand

June 29, 2023
Recap:  The oil market traded higher as a larger than expected draw in crude stocks offset concerns over further interest rate hikes slowing economic growth and global oil demand. The market retraced some of Tuesday losses in overnight trading following the release of the API wee ... Read More
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The Market's Gains Were Limited by Signals that the European Central Bank is Not Done with Interest Rate Hikes

June 28, 2023
Recap:   The oil market on Tuesday posted an outside trading day as the market’s gains were limited by signals that the European Central Bank is not done with interest rate hikes. The market breached its previous high and posted a high of $70.15 in overnight trading. However, it ... Read More
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Traders Weighed Concerns about Global Demand Growth Against Upcoming Supply Disruptions

June 27, 2023
Recap:  The oil market traded higher in a choppy session on Monday as traders weighed concerns about global demand growth against upcoming supply disruptions that could get exacerbated by political instability in Russia. A clash between Moscow and Russian mercenary group Wagner w ... Read More
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The Crude Market on Friday Continued on a Downward Trend for a Second Consecutive Session

June 26, 2023
Recap:  The crude oil market on Friday continued on a downward trend for a second consecutive session after it breached an upward trending support line during Thursday’s sell off. The market sold off 3.85% on the week amid concerns that further interest rate hikes this year will ... Read More
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The Impact of a Larger Than Expected Rate Hike by the Bank of England Outweighed a Larger Than Expected Draw in Crude Stocks

June 23, 2023
Recap:  The oil market fell over 4% on Thursday as concerns over the impact of a larger than expected rate hike by the Bank of England outweighed a larger than expected draw in crude stocks. The market opened down 10 cents at $72.43 and posted a high of $72.65 in overnight tradin ... Read More
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The Oil Market on Wednesday Continued to Trend Higher Ahead of the Release of the Weekly Petroleum Stock Reports

June 22, 2023
Recap:  The oil market on Wednesday continued to trend higher ahead of the release of the weekly petroleum stock reports which are expected to show draws in stocks and the Federal Reserve Chair, Jerome Powell reaffirmed the central bank’s fight to bring inflation down to its 2% t ... Read More
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