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Prices Bounced Between Gains and Losses After the Weekly EIA Report Showed a Drop in U.S. Crude Oil Inventories

August 25, 2022
Recap:  Trading in oil futures on Wednesday was extremely choppy, as prices bounced between gains and losses after the weekly EIA report showed a drop in U.S. crude oil inventories but a bearish drop in gasoline demand. Crude oil inventories fell 3.3 million barrels, much more th ... Read More
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Oil Prices Jumped on Tuesday After the Saudi Energy Minister Said OPEC and its Allies Could Cut Production

August 24, 2022
Recap: Oil prices jumped on Tuesday after the Saudi Energy minister said OPEC and its allies could cut production amid “harmful volatility” in the market. Prince Abdulaziz bin Salman told Bloomberg that OPEC+ has the "commitment, the flexibility and the means" within its agreemen ... Read More
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Saudi Energy Minister Said OPEC+ Could Cut Production to Confront Market Challenges

August 23, 2022
Recap: After falling by more than 3%, oil futures gained traction to slice into losses after the Saudi energy minister said OPEC+ could cut production to confront market challenges. Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ has the commitment, the flexibility, ... Read More
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The Market Continued on its Upward Trend in Mid-Day Trading as it Breached its Previous High

August 22, 2022
Recap:  On Friday, the oil market traded mostly sideways and looked ready to post an inside trading day. However, the market continued on its upward trend in mid-day trading as it breached its previous high. The market, which had sold off more than $2 early in the session as it p ... Read More
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The Market was Driven Higher by the Momentum from Wednesday's Bullish EIA Crude Inventory

August 19, 2022
Recap:  The oil market continued to trade higher on Thursday after it posted an inside trading day on Wednesday. The market was driven higher by the momentum from Wednesday’s bullish EIA crude inventory draw, increased product demand and the apparent stall in Iranian nuclear nego ... Read More
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The Oil Market on Wednesday Posted an Inside Trading Day

August 18, 2022
Recap:  The oil market on Wednesday posted an inside trading day after failing to breach its previous trading range. The market posted a low of $85.88 in overnight trading, holding its support at its previous low of $85.73, and traded sideways ahead of the release of the EIA’s we ... Read More
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The Crude Market Looked Ready to Post an Inside Trading Day on Tuesday

August 17, 2022
Recap: The crude market looked ready to post an inside trading day on Tuesday as it traded within Monday’s trading range early in the session before it sold off later in the day. The market traded sideways and posted a high of $90.65 early in the morning as the market awaited new ... Read More
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On Monday, the Oil Market Extended its Previous Losses Seen on Friday

August 16, 2022
Recap:  On Monday, the oil market extended its previous losses seen on Friday as traders weighed concerns about China’s demand and the prospect for more Iranian supply. The market, which posted a high of $92.10 on the opening overnight, breached its previous lows as it fell more ... Read More
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The Oil Market on Friday Pulled Back Following Thursday's Sharp Rally

August 15, 2022
Recap:  The oil market on Friday pulled back following Thursday’s sharp rally on expectations that the supply disruption in the U.S. Gulf of Mexico would be short-term. While the market traded higher early in the session and attempted to test its upside, the market held resistanc ... Read More
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The EIA Increased its Oil Demand Growth Forecast for the Year

August 12, 2022
Recap:  The crude oil market on Thursday rallied higher after the IEA increased its oil demand growth forecast for the year. The IEA raised its outlook for demand this year by 380,000 bpd, noting that increasing natural gas prices led some consumers to switch to oil. The crude ma ... Read More
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