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The Oil Market Held Steady as it Continued to Trade Within Tuesday's Trading Range Ahead of the Long Easter Holiday Weekend

April 10, 2023
Recap:  The oil market held steady as it continued to trade within Tuesday's trading range ahead of the long Easter holiday weekend. The market posted a third weekly gain as it continued to weigh the OPEC+ output cuts and a fall in U.S. crude oil inventories against concerns over ... Read More
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The Market Weighed Economic Concerns Against Plans by OPEC+ Producers to Cut Their Output

April 6, 2023
Recap:  The oil market posted an inside trading day as it failed to breach its previous trading range. The market weighed economic concerns against plans by OPEC+ producers to cut their output. The market traded towards its previous high in overnight trading ahead of the expected ... Read More
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The Market Weighed the OPEC+ Production Cut Against Weak Economic Data

April 5, 2023
Recap: The oil market on Tuesday ended the session mostly sideway as the market weighed the OPEC+ production cut against weak economic data. In overnight trading, the market extended its previous gains following the surprising decision by OPEC+ to cut production by 1.66 million b ... Read More
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OPEC and its Allies Surprised the Market With an Announcement on Sunday That it is Cutting its Production

April 4, 2023
Recap:  The oil market surged higher on Monday after OPEC and its allies, including Russia, surprised the market with an announcement on Sunday that it is cutting its production target by a further 1.16 million bpd starting in May. OPEC+, had been expected at its monthly meeting ... Read More
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U.S. Inflation Data Showed Some Signs of Price Pressures Easing

April 3, 2023
Recap:  Oil prices continued to move higher on Friday as U.S. inflation data showed some signs of price pressures easing. The market posted a low of $73.77 in overnight trading before it bounced off that level and continued to retrace its previous losses. The market retraced more ... Read More
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The Oil Market on Thursday Posted an Outside Trading Day as it Continued to Erase Wednesday's Early Gains

March 31, 2023
Recap:  The oil market on Thursday posted an outside trading day as it continued to erase Wednesday’s early gains in overnight trading and later bounced higher. The market extended its previous losses as it posted a low of $72.61 in overnight trading. However, the market bounced ... Read More
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The Crude Market Was Well Supported by the API Report Showing an Unexpected Draw in Oil Stocks

March 30, 2023
Recap:  The oil market traded lower following some choppy trading as traders took profits following two consecutive days of gains. Early in the session, the crude market was well supported by the API report showing an unexpected draw in oil stocks of 6.1 million barrels on the we ... Read More
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The Crude Market Continued to Trend Higher on Tuesday Following Monday's Sharp Gains

March 29, 2023
Recap:  The crude oil market continued to trend higher on Tuesday following Monday’s sharp gains on supply disruption risk from the Iraqi Kurdistan region. Iraq has been forced to halt about 450,000 bpd of its exports from its northern Kurdistan region through Turkey after an arb ... Read More
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The Oil Market on Monday Continued to Retrace Friday's Early Losses

March 28, 2023
Recap:  The oil market on Monday continued to retrace Friday’s early losses. The market was supported by the news that Iraq was forced to halt about 450,000 bpd of crude exports from the Iraqi Kurdistan region on Saturday after a victory in an arbitration case confirmed Baghdad's ... Read More
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The Market Remained Pressured by Concerns that the U.S. May Not Be Able to Refill its SPR in the Short Term

March 27, 2023
Recap:  The oil market on Friday continued to trade lower in follow through selling from Thursday’s session. The market remained pressured by concerns that the U.S. may not be able to refill its SPR in the short term, after U.S. Energy Secretary, Jennifer Granholm, said that refi ... Read More
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