COVID-19 Response
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The Oil Market on Thursday Remained in its Downward Trend Channel but Rebounded After Falling Nearly 5%

August 18, 2023
Recap:  The oil market on Thursday remained in its downward trend channel but rebounded after falling nearly 5% over the previous three trading sessions this week in a sell-off that was mostly driven by weak Chinese economic data. In overnight trading, the crude market breached i ... Read More
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U.S. Crude Oil Production Increased to a Three-Year High

August 17, 2023
Recap:  The crude oil market on Wednesday continued to trend lower despite a bullish draw in crude stocks of nearly 6 million barrels in the week ending August 11th. However, on the bearish side, U.S. crude oil production increased to a three-year high of 12.7 million bpd, just 3 ... Read More
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China's Industrial Output and Retail Sales Data Showed the Economy Slowed Further in July

August 16, 2023
Recap:   The oil market remained on the defensive and sold off for the fourth consecutive session on Tuesday amid disappointing economic data out of China and fears that China’s unexpected cut in key policy rates was not substantial enough to support the country’s post-pandemic r ... Read More
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Price Pressure Appeared to Come From the News that Nigerian Forcados Crude Exports Resumed on Sunday

August 15, 2023
Recap:  The oil markets spent much of the trading session today on the defensive as the bearish contagion from global equity markets regarding concerns over the sputtering Chinese economy kept buyers on the sidelines. Additional price pressure appeared to come from the news that ... Read More
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The Oil Market on Friday Traded Higher and Posted its Seventh Consecutive Weekly Gain

August 14, 2023
Recap:  The oil market on Friday traded higher and posted its seventh consecutive weekly gain, matching the longest winning streak since February 10, 2022. The market traded lower in overnight trading following Thursday’s profit taking and posted a low of $82.23. However, it boun ... Read More
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Inflation Increased in July for the First Time in 13 Months

August 11, 2023
Recap:  The oil market on Thursday posted an outside trading day as it sold off following the release of the CPI report, which showed that inflation increased in July for the first time in 13 months. Consumer prices increased by 3.2% on the year in July, up from 3% in June, bring ... Read More
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Draws in U.S. Fuel Stocks Helped Offset Some Concerns of Weaker Demand from China

August 10, 2023
Recap:  The oil market rallied higher on Wednesday as draws in U.S. fuel stocks helped offset some concerns of weaker demand from China as the country’s crude oil imports in July fell by 18.8% on the month to the lowest level since January. The market traded mostly sideways in ov ... Read More
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The Oil Market Rebounded from its Earlier Losses as the EIA Forecast a Better Economic Outlook Than Previously Expected

August 9, 2023
Recap:   The oil market rebounded from its earlier losses as the EIA forecast a better economic outlook than previously expected. In overnight trading, the crude market sold off sharply and extended its losses to over $2 as it posted a low of $79.90. The market was pressured and ... Read More
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The Market Closed Out at a High Following the News of Saudi Arabia and Russia Continuing Their Voluntary Cuts into October

August 8, 2023
Recap:  The oil market on Monday retraced some of its previous gains on profit-taking after the market posted its sixth consecutive weekly gain on Friday. Last week, the market closed out at a high following the news of Saudi Arabia and Russia continuing their voluntary cuts into ... Read More
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The Oil Market Posted Gains for the Sixth Consecutive Week

August 7, 2023
Recap:  The oil market posted gains for the sixth consecutive week of 2.78% as it remained in its upward trending channel. The market on Friday remained well supported by the announcements made by Saudi Arabia and Russia pledging to continue cutting their output through September ... Read More
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