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Oil Market Surges on Unexpected Drop in Crude Stocks and Decline in U.S. Production

January 25, 2024
Recap: The oil market traded higher on Wednesday following a larger than expected draw in crude stocks and fall in U.S. crude output. The geopolitical tensions in the Middle East also continued to support the oil market. The oil market traded higher in overnight trading as it tra ... Read More
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Inside Trading Day Highlighted by Resistance at Highs and Strong Support Despite Global Events

January 24, 2024
Recap: The crude market posted an inside trading day as it failed to breach its previous trading range. The market posted the day’s trading range by mid-day as it bounced off a low of $73.41 and traded to a high of $75.25. The market remained well supported in overnight trading f ... Read More
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Volatile Trading Amid Geopolitical Tensions, Production Resumptions, and Weather-Related Disruptions

January 23, 2024
Recap: The oil market on Monday posted an outside trading day as the market traded lower on news that production at Libya's Sharara oilfield resumed on Sunday after protesters ended a sit-in that had halted output since early January before it traded higher on news of a drone att ... Read More
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Oil Market Volatility: Middle East Tensions, Global Economy Worries, and Extreme Weather Impact

January 22, 2024
Recap: The oil market traded higher early in the session on Friday but gave up its gains and ended the session in negative territory as the market weighed the Middle East tensions against concerns over global economies and its impact on demand. The market was supported amid conce ... Read More
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The market was well supported by the IEA forecasting strong growth in global oil demand

January 19, 2024
Recap: The oil market on Thursday continued to retrace its recent losses and ended the session over 2% higher. The market was well supported by the IEA forecasting strong growth in global oil demand and the EIA reporting a larger than expected draw in crude stocks. The IEA said i ... Read More
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The oil market continued to trend lower on Wednesday on concerns over demand following weak economic data from China.

January 18, 2024
Recap: The oil market continued to trend lower on Wednesday on concerns over demand following weak economic data from China. China’s economy in the fourth quarter expanded by 5.2% on the year, missing analysts expectations and calling into question forecasts that see Chinese dema ... Read More
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Oil Prices on Tuesday Reversed Some of the Losses Seen During Monday's Shortened Trading Session in Observance of the Martin Luther King, Jr. Holiday

January 17, 2024
Recap: Oil prices on Tuesday reversed some of the losses seen during Monday’s shortened trading session in observance of the Martin Luther King, Jr. holiday, as the market weighed concerns over attacks on tanker ships in the Red Sea against concerns that energy demand will weaken ... Read More
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The Market Was Well Supported as Some Oil Tankers Were Diverting From the Red Sea

January 16, 2024
Recap:  The oil market on Friday breached its recent trading range as it rallied sharply higher. The market was well supported as some oil tankers were diverting from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen. The escal ... Read More
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The Market Was Well Supported By News That Iran Seized a Tanker Off the Coast of Oman

January 12, 2024
Recap:  The oil market on Thursday continued to trade within Monday’s trading range for the third consecutive session as it retraced Wednesday’s losses on escalating tensions in the Middle East. The market was well supported by news that Iran seized a tanker off the coast of Oman ... Read More
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Yemen's Houthis Launched Their Largest Missile and Drone Attack to Date on Ships in the Red Sea

January 11, 2024
Recap:  The oil market on Wednesday continued to trade within Monday’s trading range as it erased its earlier gains and sold off following an unexpected build in crude stocks. The crude market erased some of Tuesday’s gains in overnight trading before it bounced higher ahead of t ... Read More
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