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The Oil Market on Thursday Continued Higher in its Upward Trend Channel on Concerns of Tighter Supply

September 15, 2023
Recap:  The oil market on Thursday continued higher in its upward trend channel on concerns of tighter supply. The market retraced some of Wednesday’s losses but remained range bound as it held resistance at its previous high. However, the market breached that level and rallied h ... Read More

An Unexpected Build in Oil Inventories Offset Expectations of a Tight Market

September 14, 2023
Recap:  The oil market continued on its upward trend in overnight trading before an unexpected build in oil inventories offset expectations of a tight market. The market rallied higher in overnight trading in follow through strength seen during Tuesday’s session. WTI crude rallie ... Read More

The Oil Market Reversed Monday's Small Declines and Continued on its Recent Uptrend

September 13, 2023
Recap:   The oil market reversed Monday’s small declines and continued on its recent uptrend. The market was supported by a tighter supply outlook and as OPEC maintained its demand growth forecast for this year and next year, citing resilient economic growth despite increasing in ... Read More

The Market Awaited Monthly U.S. Economic Data on Inflation and Retail Sales Later This Week

September 12, 2023
Recap:  The oil market traded mostly sideways on Monday as the market awaited monthly U.S. economic data on inflation and retail sales later this week. The market traded sideways in overnight trading before it breached its previous resistance level at $88.08 and posted a high of ... Read More

The Market Remained Well Supported by Saudi Arabia and Russia's Voluntary Extension of Their Combined Output Cuts

September 11, 2023
Recap:  The oil market on Friday posted an outside trading day but continued to trade within Wednesday’s trading range. The market, which continued to take further profits in overnight trading, breached its previous low of $86.39 and sold off to a low of $86.15. However, the mark ... Read More

The Oil Market Posted an Inside Trading Day and Ended the Session in Negative Territory, Ending a Nine-Day Streak of Gains

September 8, 2023
Recap:  The oil market posted an inside trading day and ended the session in negative territory, ending a nine-day streak of gains. The market traded lower on profit-taking. The crude market posted a high of $87.74 in overnight trading before it traded lower, as it retraced some ... Read More

The Crude Market Traded Higher in Follow Through Strength Seen on Tuesday

September 7, 2023
Recap:   On Wednesday, the crude market traded higher in follow through strength seen on Tuesday in light of the Saudi and Russian decision to extend their output cuts until the end of the year. The market posted a low of $85.93 in overnight trading. However, the market bounced o ... Read More

Saudi Arabia and Russia Extended Their Voluntary Supply Cuts by Three Months to the End of the Year

September 6, 2023
Recap:  The oil market rallied higher on Tuesday after Saudi Arabia and Russia extended their voluntary supply cuts by three months to the end of the year. The market traded mostly sideways during Monday’s shortened trading session in observance of the Labor Day holiday and poste ... Read More

Economic Indicators Continued to Surprise Market Participants by the Resiliency of the U.S. Economy

September 5, 2023
Recap: The oil markets basically kept moving higher again on Friday, as economic indicators continued to surprise market participants by the resiliency of the U.S. economy. In addition growing market whispers that the Saudis are looking to sell additional shares in Saudi Aramco a ... Read More

Potential Russian Agreement with OPEC+ to Extend Current Production Cuts into October

September 1, 2023
Recap: The NYMEX October WTI contract continued to surge higher today, settling up for the seventh consecutive trading session and recording its highest settlement since August 9th as it settled at $83.63, up $2.00 per barrel.  The news of the potential Russian agreement with OPE ... Read More
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