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The Market's Gains Were Limited by Signals that the European Central Bank is Not Done with Interest Rate Hikes

June 28, 2023
Recap:   The oil market on Tuesday posted an outside trading day as the market’s gains were limited by signals that the European Central Bank is not done with interest rate hikes. The market breached its previous high and posted a high of $70.15 in overnight trading. However, it ... Read More
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Traders Weighed Concerns about Global Demand Growth Against Upcoming Supply Disruptions

June 27, 2023
Recap:  The oil market traded higher in a choppy session on Monday as traders weighed concerns about global demand growth against upcoming supply disruptions that could get exacerbated by political instability in Russia. A clash between Moscow and Russian mercenary group Wagner w ... Read More
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The Crude Market on Friday Continued on a Downward Trend for a Second Consecutive Session

June 26, 2023
Recap:  The crude oil market on Friday continued on a downward trend for a second consecutive session after it breached an upward trending support line during Thursday’s sell off. The market sold off 3.85% on the week amid concerns that further interest rate hikes this year will ... Read More
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The Impact of a Larger Than Expected Rate Hike by the Bank of England Outweighed a Larger Than Expected Draw in Crude Stocks

June 23, 2023
Recap:  The oil market fell over 4% on Thursday as concerns over the impact of a larger than expected rate hike by the Bank of England outweighed a larger than expected draw in crude stocks. The market opened down 10 cents at $72.43 and posted a high of $72.65 in overnight tradin ... Read More
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The Oil Market on Wednesday Continued to Trend Higher Ahead of the Release of the Weekly Petroleum Stock Reports

June 22, 2023
Recap:  The oil market on Wednesday continued to trend higher ahead of the release of the weekly petroleum stock reports which are expected to show draws in stocks and the Federal Reserve Chair, Jerome Powell reaffirmed the central bank’s fight to bring inflation down to its 2% t ... Read More
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The Oil Market on Tuesday Sold Off, Giving Up All of Last Week's 2.3% Gain

June 21, 2023
Recap:  The oil market on Tuesday sold off, giving up all of last week’s 2.3% gain as the market continues to experience choppy, rangebound trading. The market traded to a high of $72.02 during Monday’s shortened trading session in observance of Juneteenth. It continued to trade ... Read More
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Chinese Refinery Throughput Was Reported to Have Increased in May to its Second Highest Total on Record

June 20, 2023
Recap:  The oil market rallied higher on Friday and settled up 2.3% on the week on hopes of increasing Chinese oil demand. Earlier in the week, Chinese refinery throughput was reported to have increased in May to its second highest total on record. However, the market’s gains wer ... Read More
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The Fed Held Rates Steady for June but Suggested Further Rate Hikes Later This Year

June 16, 2023
Recap:  The oil market on Thursday retraced its previous losses and posted an outside trading day as traders covered some of their short positions. This followed Wednesday’s 1.7% decline after the Fed held rates steady for June but suggested further rate hikes later this year. Th ... Read More
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Bullish Oil Demand Growth Forecasts from the International Energy Agency

June 15, 2023
Recap:  The oil market traded mostly sideways in overnight trading before it rallied higher on bullish oil demand growth forecasts from the International Energy Agency. The IEA raised its oil demand growth forecast for this year by 200,000 bpd to 2.4 million bpd. The market exten ... Read More
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The Oil Market Posted an Inside Trading Day on Tuesday After the Market Retraced Most of its Previous Losses

June 14, 2023
Recap:   The oil market posted an inside trading day on Tuesday after the market retraced most of its previous losses, breaking a three-day slide. The market posted a low of $67.15 in overnight trading before it bounced higher after the market seemed oversold from its previous lo ... Read More
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