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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
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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
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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
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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
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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
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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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The Oil Market Continued to Trend Higher on Wednesday in Light of the Weekly Petroleum Stocks Report Showing Larger Than Expected Draws in Oil Stocks

August 31, 2023
Recap:  The oil market continued to trend higher on Wednesday in light of the weekly petroleum stocks report showing larger than expected draws in oil stocks. This followed the market’s outside trading day on Tuesday when the market traded higher on hopes that the Federal Reserve ... Read More
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The Market's Concern Over the Possibility of Another U.S. Interest Rate Increase Was Offset by Supply Concerns Due to Hurricane Idalia Moving Into the U.S. Gulf Coast

August 30, 2023
Recap:  The oil market posted an outside trading day on Tuesday as the market’s concern over the possibility of another U.S. interest rate increase was offset by supply concerns due to Hurricane Idalia moving into the U.S. Gulf Coast towards Florida.  The oil market attempted to ... Read More
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The Oil Market on Monday Breached its Downward Trend Channel and Traded Higher After China Announced Further Measures to Support its Economy

August 29, 2023
Recap:  The oil market on Monday breached its downward trend channel and traded higher after China announced further measures to support its economy. China cut its stamp duty on stock trading in its latest attempt to support struggling markets. The market was also supported by Tr ... Read More
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The Market Awaited a Speech by Fed Chairman Jerome Powell at the Jackson Hole Symposium for Hints on the Outlook for Interest Rates

August 28, 2023
Recap:  The oil market traded higher on Friday as the market awaited a speech by Fed Chairman Jerome Powell at the Jackson Hole Symposium for hints on the outlook for interest rates. The market opened at its low of $78.85 and began its upward trend for the day. The market breache ... Read More
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