COVID-19 Response
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Oil Market Rallies as Shipping Disruptions in Red Sea Impact Global Trade

December 19, 2023
Recap: The oil market rallied higher on Monday amid the escalating tensions in the Middle East due to recent attacks on ships crossing the Red Sea. The market traded sideways within Thursday’s trading range in overnight trading before it was well supported by news of BP pausing s ... Read More
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January NYMEX Natural Gas Futures Contract Closed at $2.491 on Friday, December 15th

December 18, 2023
Friday, December 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.444, five cents above Thursday’s closing price of $2.392. Recording the intraday low of $2.417 by 9:15AM, a slightly bullish shift to forecasts overnight then directed prices higher. Crossing ... Read More

Oil Market Sees First Weekly Gain in Two Months Amid Fluctuating Prices and Global Demand Forecasts

December 18, 2023
Recap: The oil market posted an inside trading day and posted its first weekly gain in almost two months. In a see-saw session, the market posted a high of $72.22 early in the session as it remained supported by the IEA’s higher world oil demand forecasts for next year. However, ... Read More
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Oil Markets Rally as Dollar Weakens and IEA Ups Demand Forecast for 2024; WTI and Brent Settle Higher Amid Global Demand Dynamics

December 15, 2023
Recap: The crude market on Thursday extended Wednesday’s gains and continued to retrace its previous losses. The market was well supported by a weaker dollar and as the IEA increased its oil demand forecast for next year. The dollar fell to a new four month low after the U.S. Fed ... Read More
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Reports of Russia's Weekly Average Seaborne Crude Exports Increasing to its Highest Level Since Early July

December 14, 2023
Recap:  The oil market moved lower in overnight trading as it remained pressured by concerns over global demand and oversupply. The market was weighed by reports of Russia’s weekly average seaborne crude exports increasing to its highest level since early July and the EIA raising ... Read More
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The Crude Market Posted an Outside Trading Day on Tuesday as it Rallied Over Monday's High

December 13, 2023
Recap:  The crude oil market posted an outside trading day on Tuesday as it rallied over Monday’s high and below its previous low in a volatile trading session. The market posted a high of $71.96 in overnight trading on news that a Norwegian tanker in the Red Sea off the coast of ... Read More
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The Oil Market on Monday Ended Higher After Posting its Seventh Consecutive Weekly Decline

December 12, 2023
Recap:  The oil market on Monday ended higher after posting its seventh consecutive weekly decline last week. The market continued to retrace some of its previous losses in overnight trading as it posted a high of $71.81. The market was supported by the news late last week that t ... Read More
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Saudi Arabia & Russia Called for All OPEC+ Members to Join an Agreement on Output Cuts

December 11, 2023
Recap:  The crude market on Friday retraced some of its previous losses but still ended the week lower on concerns over a supply surplus and weak Chinese demand. On Thursday, Saudi Arabia and Russia called for all OPEC+ members to join an agreement on output cuts for the good of ... Read More
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The Crude Market on Thursday Traded Lower After it Retraced Some of its Recent Sharp Losses

December 8, 2023
Recap:  The crude market on Thursday traded lower after it retraced some of its recent sharp losses. The market opened 10 cents lower at $69.28 before it rebounded and gradually traded to a high of $70.48 early in the morning. It later erased all of its earlier gains and breached ... Read More
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The Market Continued to Weigh the Effectiveness of an Extension of the OPEC+ Output Cuts

December 7, 2023
Recap:  The oil market sold off more than 4% on Wednesday as the market continued to weigh the effectiveness of an extension of the OPEC+ output cuts against a worsening demand outlook in China. The market was further pressured by the larger than expected build in gasoline stocks ... Read More
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