COVID-19 Response
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The West Imposed Price Caps on its Oil and Oil Products

February 13, 2023
Recap:  The oil market continued on its upward trend on Friday on Russia’s announcement that it plans to cut its oil production in March by 500,000 bpd after the West imposed price caps on its oil and oil products. The market posted a low of $77.47 in overnight trading before it ... Read More
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Builds in Oil Inventories Reported by the EIA on Wednesday Helped Limit the Market's Gains

February 10, 2023
Recap:  The crude market posted an outside trading session as the market was initially buoyed by hopes of increased Chinese demand while the builds in oil inventories reported by the EIA on Wednesday helped limit the market’s gains. The market was also pressured as U.S. Federal R ... Read More
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Investor Concern Over U.S. Interest Rates Eased

February 9, 2023
Recap:  The oil market continued to trend higher for the third consecutive session on Wednesday as investor concern over U.S. interest rates eased. Comments from U.S. Federal Reserve Chair, Jerome Powell on Tuesday were seen as less hawkish than feared, pushing the dollar lower. ... Read More
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The Oil Market Continued to Retrace its Previous Losses on Tuesday

February 8, 2023
Recap: The oil market continued to retrace its previous losses on Tuesday, extending the gains seen on Monday after it posted a low not seen since December 12th. The market gapped higher on the opening from $74.51 to $74.57 but quickly backfilled the gap as it posted a low of $74 ... Read More
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The Oil Market Traded Higher on Monday

February 7, 2023
Recap:  The oil market traded higher on Monday following some choppy trading earlier in the session as the market weighed a return in demand from China against supply concerns and fears of slower growth in major economies. The market traded mostly sideways in overnight trading as ... Read More
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The Oil Market Looked Ready to Post an Inside Trading Day But Instead Posted an Outside Trading Day

February 6, 2023
Recap:   Early on Friday, the oil market looked ready to post an inside trading day but instead posted an outside trading day following a volatile session. The market traded sideways in overnight trading as it held support at its previous low of $74.97. However, the market rallie ... Read More
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Inventory Report Showing Builds Across the Board

February 3, 2023
Recap:  The oil market continued on its downward trend on Thursday following Wednesday’s sell off on the inventory report showing builds across the board and the OPEC+ decision to leave its output policy unchanged, suggesting major oil producers are not in a rush to push prices h ... Read More
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OPEC+'s Joint Ministerial Monitoring Committee Recommended Making No Changes to its Output Policy

February 2, 2023
Recap:  The oil market posted an outside trading day on Wednesday, trading to its high in overnight trading ahead of the OPEC+ meeting and EIA inventory report before it gave up all of its gains in afternoon trading. The market breached its previous high and rallied to a high of ... Read More
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The U.S. Dollar Pared Early Gains and the Equities Markets Opened Higher

February 1, 2023
Recap: The oil market on Tuesday rebounded from its earlier lows as the U.S. dollar pared early gains and the equities markets opened higher after wage growth data signaled easing inflation ahead of the Federal Reserve’s decision on interest rates on Wednesday. The market traded ... Read More
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The Oil Market Extended its Losses Ahead of Increases in Interest Rates

January 31, 2023
Recap:  The oil market extended its losses ahead of increases in interest rates by major central banks and signs of strong Russian exports, offset rising tensions in the Middle East over a drone attack in Iran over the weekend and hopes of increased Chinese demand. Investors are ... Read More
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