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The Crude Market Rallied Higher Ahead of the Release of the Federal Reserve's Last Meeting in February

February 22, 2024
Recap:  The oil market traded higher as the market remained well supported by the continuing geopolitical tensions in the Middle East. The market traded lower in overnight trading, posting a low of $76.32 as the market was weighed by the uncertain outlook for global demand. Howev ... Read More
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The Market Weighed an Uncertain Outlook For Global Demand Against the Risk Premium From the Continuing Israeli-Hamas Conflict

February 21, 2024
Recap:  The March WTI contract posted an outside trading day on Tuesday morning, ahead of its expiration at the close, as the market weighed an uncertain outlook for global demand against the risk premium from the continuing Israeli-Hamas conflict. During Monday’s shortened tradi ... Read More
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The Oil Market on Friday Continued on its Upward Trend as Geopolitical Tensions in the Middle East Outweighed the IEA’s Forecast

February 20, 2024
Recap: The oil market on Friday continued on its upward trend as geopolitical tensions in the Middle East outweighed the IEA’s forecast released on Thursday showing slowing demand. Gaza’s largest functioning hospital was under siege in Israel’s war with Islamist group Hamas, as w ... Read More
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The Oil Market Rebounded From its Earlier Losses and Ended the Session Higher on the Back of a Weaker Dollar

February 16, 2024
Recap:  On Thursday, the oil market rebounded from earlier losses and ended the session higher on the back of a weak dollar. The market traded lower in overnight trading as it remained pressured following the larger than expected build of over 12 million barrels reported in U.S. ... Read More
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Increasing U.S. Inventories Weighed on Market Sentiment

February 15, 2024
Recap:  The oil market posted an inside trading day on Wednesday as it held on to Tuesday's gains on a strong demand growth forecast from OPEC and later sold off as increasing U.S. crude inventories weighed on market sentiment. The oil market traded mostly sideways and rallied hi ... Read More
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The Oil Market Continued to Trend Higher Amid the Continuing Conflict in the Middle East

February 14, 2024
Recap:  The oil market continued to trend higher amid the continuing conflict in the Middle East. The market was further supported as OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025 and increased its economic growth forecasts for both ... Read More
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The Crude Market Ended Slightly Higher After Traders Took Some Profits Following Last Week's Rally

February 13, 2024
Recap:  The crude market ended slightly higher after traders took some profits following last week’s rally. The oil market erased some of its previous gains amid the news that the Israeli military said on Monday it had conducted a “series of strikes” on southern Gaza that have no ... Read More
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The Oil Market Continued to Trend Higher on Friday For the Fifth Consecutive Session and Settled Up 6%

February 12, 2024
Recap:  The oil market continued to trend higher on Friday for the fifth consecutive session and settled up 6% on the week amid the concerns over broadening tensions in the Middle East after Israel rejected a ceasefire offer from Hamas earlier in the week. Israel continued its ai ... Read More
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The Market Believes That the Ceasefire Rejection Ensures Hostilities in the Red Sea Will Continue

February 9, 2024
Recap:  The oil market remained well support and rallied over 2.8% on Thursday amid the news of Israel’s rejection of a ceasefire offer from Hamas. On Wednesday, Israel’s Prime Minister Benjamin Netanyahu rejected the latest Hamas ceasefire offer. The market believes that the rej ... Read More
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The Market Remained Supported Upon the Release of the Inventory Report

February 8, 2024
Recap:  The crude market posted a high of $74.22 in early morning trading before it erased some of its gains ahead of the release of the EIA’s weekly petroleum stocks report. The market remained supported upon the release of the inventory report, which showed larger than expected ... Read More
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