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EIA reported that US shale production in March is expected to reach a record 8.4 million bpd

February 21, 2019
Recap: On its last trading session, the March crude contract rallied more than 1% to its highest level this year.  The crude market posted a low of $55.48 early in the session as the market was pressured by Tuesday’s EIA report stating that US shale production in March is expecte ... Read More
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Oil prices were mixed on Tuesday, with both Brent and WTI falling in early trading

February 20, 2019
Recap: Oil prices were mixed on Tuesday, with both Brent and WTI falling in early trading, but as the dollar weakened, WTI rebounded, erasing early losses. After falling 1.9 percent to a session low of $55.29, WTI reversed course to trade above unchanged. Brent, which peaked at $ ... Read More
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Oil prices posted gains for the fourth straight session

February 19, 2019
Recap: Oil prices posted gains for the fourth straight session after it was reported that the Safaniyah oil field in Saudi Arabia, the world’s largest, is producing at a reduced rate after a ship’s anchor cut a main power cable. This, combined with signs that OPEC lead production ... Read More
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Oil prices suffered an early morning hit after a report showed that U.S. retail sales fell 1.2 percent

February 15, 2019
Recap: After rising for the third straight session, oil prices suffered an early morning hit after the U.S. Commerce Department released a report showing U.S. retail sales fell 1.2 percent, the largest decline since September 2009. Brent, which rose to a fresh high for the year, ... Read More
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There was a 3.6 million barrel increase in U.S. crude oil inventories

February 14, 2019
Recap: Oil prices rose on Wednesday after Saudi Arabia announced that it would make further production cuts and lower its exports of crude oil. March WTI rose 2.8 percent, to a high of $54.60 a barrel, while April Brent rose 2.4 percent to $63.98 a barrel. Gains were kept at bay ... Read More
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OPEC cut its oil output by 797,000 bpd on the month to 30.806 million bpd

February 13, 2019
Recap: The oil market traded higher following the OPEC’s monthly report showing that the producer group cut its crude production sharply in January.  It reported that OPEC cut its oil output by 797,000 bpd on the month to 30.806 million bpd, down from 31.6 million bpd in December ... Read More
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The U.S. and China aren’t any closer to a trade agreement

February 12, 2019
Recap: WTI fell to fresh three week lows on Monday, as it became more apparent that the U.S. and China aren’t any closer to a trade agreement. While Beijing struck an upbeat note, it also expressed anger at a U.S. Navy mission through the disputed South China Sea. This cast a sha ... Read More
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Traders have begun to focus on demand and the impact the slowing global economy will have on it

February 11, 2019
Recap: Oil futures traded sideways within a narrow range on Friday, gravitating around the unchanged level for most of the session. Despite Saudi Arabia shaving 400,000 barrels per day of production during the month of January, oil prices remained under pressure. With the OPEC's ... Read More
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WTI fell to its lowest level in more than a week

February 8, 2019
Recap: WTI fell to its lowest level in more than a week amid concerns that the standoff on a trade deal between the U.S. and China is going to continue. The upside correction that began back in the middle of December seems to have reached a stalling point. Prices have been tradin ... Read More
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EIA reported that domestic crude oil inventories rose 1.3 million barrels

February 7, 2019
Recap: After two consecutive down days, oil prices reversed course, as U.S. crude oil supplies rose less than expected. According to the EIA report, domestic crude oil inventories rose 1.3 million barrels for the week ended Feb 1, much smaller than the expected 3.7 million barrel ... Read More
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