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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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The Oil Market on Tuesday Sold Off, Giving Up All of Last Week's 2.3% Gain

June 21, 2023
Recap:  The oil market on Tuesday sold off, giving up all of last week’s 2.3% gain as the market continues to experience choppy, rangebound trading. The market traded to a high of $72.02 during Monday’s shortened trading session in observance of Juneteenth. It continued to trade ... Read More
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Chinese Refinery Throughput Was Reported to Have Increased in May to its Second Highest Total on Record

June 20, 2023
Recap:  The oil market rallied higher on Friday and settled up 2.3% on the week on hopes of increasing Chinese oil demand. Earlier in the week, Chinese refinery throughput was reported to have increased in May to its second highest total on record. However, the market’s gains wer ... Read More
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The Fed Held Rates Steady for June but Suggested Further Rate Hikes Later This Year

June 16, 2023
Recap:  The oil market on Thursday retraced its previous losses and posted an outside trading day as traders covered some of their short positions. This followed Wednesday’s 1.7% decline after the Fed held rates steady for June but suggested further rate hikes later this year. Th ... Read More
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Bullish Oil Demand Growth Forecasts from the International Energy Agency

June 15, 2023
Recap:  The oil market traded mostly sideways in overnight trading before it rallied higher on bullish oil demand growth forecasts from the International Energy Agency. The IEA raised its oil demand growth forecast for this year by 200,000 bpd to 2.4 million bpd. The market exten ... Read More
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The Oil Market Posted an Inside Trading Day on Tuesday After the Market Retraced Most of its Previous Losses

June 14, 2023
Recap:   The oil market posted an inside trading day on Tuesday after the market retraced most of its previous losses, breaking a three-day slide. The market posted a low of $67.15 in overnight trading before it bounced higher after the market seemed oversold from its previous lo ... Read More
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Concerns About Demand Growth Just Ahead of the Federal Reserve's Policy Meeting on Wednesday

June 13, 2023
Recap:  The oil market sold off sharply on Monday amid some market analysis highlighting increasing global supplies and concerns about demand growth just ahead of the Federal Reserve’s policy meeting on Wednesday. This followed Friday’s inside trading session. On Sunday evening, ... Read More
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The Oil Market Posted an Inside Trading Day on Friday and Ended the Week Down More Than 2% Following Thursday's Volatile Trading Session

June 12, 2023
Recap:  The oil market posted an inside trading day on Friday and ended the week down more than 2% following Thursday's volatile trading session. The market on Thursday lost more than $3 after a report stating that U.S.-Iran nuclear deal was imminent but later retraced those loss ... Read More
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The Market Rallied to its High Early in the Morning Before it Sold Off Sharply on a Report of Progress Toward a Deal Between the U.S. and Iran

June 9, 2023
Recap:  The oil market posted an outside trading day, with the market rallying to its high early in the morning before it sold off sharply on a report of progress toward a deal between the U.S. and Iran. The market traded mostly sideways in overnight trading and breached its prev ... Read More
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The Oil Market Retraced Some of its Previous Losses on Wednesday Amid Unexpected Draws Reported in Crude Stocks

June 8, 2023
Recap:  The oil market retraced some of its previous losses on Wednesday amid unexpected draws reported in crude stocks. The crude market traded sideways in overnight trading as it traded towards the $72.00 level on the opening following the release of the API data which showed a ... Read More
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