COVID-19 Response
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Oil futures fell from their highest level since January 2020

February 19, 2021
Recap: Oil futures fell from their highest level since January 2020, as traders took profits based on speculation that OPEC and its allies will decide to increase production when they meet next month. According to a Wall Street Journal report, Saudi Arabia plans to announce a rev ... Read More
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Cold temperatures have forced the closure of Texas’ energy sector for the fifth day

February 18, 2021
Recap: It was an extremely choppy trading session for oil futures on Wednesday, as traders grappled with frigid temperatures and refinery outages in Texas, while there have been whispers in the market that OPEC is looking to possibly release more supply into the market. Dangerous ... Read More
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Oil prices settled near 13-month highs

February 17, 2021
Recap: Dragged higher by natural gas, oil prices settled near 13-month highs, as subzero temperatures in the U.S. South forced the shut in of wells and oil refineries in Texas. Oil futures spiked higher early in the session, as blackouts hit several states and storage infrastruct ... Read More
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WTI hit its highest intraday level in more than a year

February 16, 2021
Recap: Oil futures have rallied significantly during the week, coming within 25 cents of key psychological resistance of $60. WTI hit its highest intraday level in more than a year as output curbs from OPEC+ drew down global stockpiles. Behind Friday’s higher move were heightened ... Read More
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Oil futures turned lower on Thursday

February 12, 2021
Recap: Oil futures turned lower on Thursday, snapping an eight-day rally for WTI, as the IEA issued a glimmer outlook for demand. The IEA noted that oil markets remain “fragile” and in doing so, lowered its forecasts for world consumption for 2021 by 100,000 barrels per day. Dema ... Read More
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The EIA reported an unexpected 6.6 million barrel drop in U.S. crude oil inventories

February 11, 2021
Recap: After falling earlier in the session, oil futures rebounded, showing signs of strength, after the EIA reported an unexpected 6.6 million barrel drop in U.S. crude oil inventories. The decrease in crude oil stockpiles comes as refiners ramped up production by 0.7 percent to ... Read More
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Oil futures rose to 13 month highs on Tuesday

February 10, 2021
Recap: Oil futures rose to fresh 13 month highs on Tuesday, erasing early losses, as signs of growing demand amid output cuts, increased optimism over a recovery in demand. A weaker U.S. dollar also lent support, as the dollar fell to its lowest level in a week. Signaling tighten ... Read More
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Oil futures were pushed to their highest level in over a year on Monday

February 9, 2021
Recap: Pandemic related optimism, along with expectations for the passage of the latest U.S. economic stimulus package, pushed oil futures to their highest level in over a year on Monday. Prices also gained support after President Biden held off on immediately lifting sanctions a ... Read More
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Baker Hughes reported that the U.S. oil and gas rig count increased by 8 to 392

February 8, 2021
Recap: Oil futures had a stellar week, with prices up nearly 9%, gaining support as demand slightly improved and as OPEC and its allies stuck to their agreed upon output cuts, feeding expectations for tighter supplies. Also feeding into price gains, were traders anticipation of a ... Read More
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Oil futures closed higher for the fourth straight session

February 5, 2021
Recap: Oil futures closed higher for the fourth straight session on strong U.S. economic data, falling inventories and the OPEC+ decision to adhere to output cuts however, gains were limited by strength in the U.S. dollar.  Strong U.S. factory data along with improvements in the ... Read More
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