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The Oil Market on Thursday Posted an Outside Trading Day as it Continued to Erase Wednesday's Early Gains

March 31, 2023
Recap:  The oil market on Thursday posted an outside trading day as it continued to erase Wednesday’s early gains in overnight trading and later bounced higher. The market extended its previous losses as it posted a low of $72.61 in overnight trading. However, the market bounced ... Read More
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The Crude Market Was Well Supported by the API Report Showing an Unexpected Draw in Oil Stocks

March 30, 2023
Recap:  The oil market traded lower following some choppy trading as traders took profits following two consecutive days of gains. Early in the session, the crude market was well supported by the API report showing an unexpected draw in oil stocks of 6.1 million barrels on the we ... Read More
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The Crude Market Continued to Trend Higher on Tuesday Following Monday's Sharp Gains

March 29, 2023
Recap:  The crude oil market continued to trend higher on Tuesday following Monday’s sharp gains on supply disruption risk from the Iraqi Kurdistan region. Iraq has been forced to halt about 450,000 bpd of its exports from its northern Kurdistan region through Turkey after an arb ... Read More
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The Oil Market on Monday Continued to Retrace Friday's Early Losses

March 28, 2023
Recap:  The oil market on Monday continued to retrace Friday’s early losses. The market was supported by the news that Iraq was forced to halt about 450,000 bpd of crude exports from the Iraqi Kurdistan region on Saturday after a victory in an arbitration case confirmed Baghdad's ... Read More
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The Market Remained Pressured by Concerns that the U.S. May Not Be Able to Refill its SPR in the Short Term

March 27, 2023
Recap:  The oil market on Friday continued to trade lower in follow through selling from Thursday’s session. The market remained pressured by concerns that the U.S. may not be able to refill its SPR in the short term, after U.S. Energy Secretary, Jennifer Granholm, said that refi ... Read More
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U.S. Energy Secretary Jennifer Granholm said that refilling the country’s SPR would be difficult this year and may take several years

March 24, 2023
Recap: The oil market was in the midst of four day winning streak early in the session but sold off sharply ahead of the close under the weight of some bearish news. U.S. Energy Secretary Jennifer Granholm said that refilling the country’s SPR would be difficult this year and may ... Read More
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The Dollar Fell to a Six-Week Low Ahead of the Federal Reserve's Decision on Interest Rates

March 23, 2023
Recap:  The oil market on Wednesday continued on its upward trend despite an unexpected build in crude stocks, as the dollar fell to a six-week low ahead of the Federal Reserve’s decision on interest rates in the afternoon.  The May WTI contract, on its first day as the spot cont ... Read More
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The Oil Market Extended its Gains for a Second Consecutive Day

March 22, 2023
Recap: The oil market extended its gains for a second consecutive day on Tuesday as global banking concerns eased and traders await the outcome of the Federal Reserve’s monetary policy meeting that started on Tuesday. The oil market posted its low of $66.77 in overnight trading b ... Read More
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The oil market on Monday saw a late day rally and ended higher

March 21, 2023
Recap: The oil market on Monday saw a late day rally and ended higher, recouping some of last week’s sharp losses.  Early in the session, the market continued on its downward trend on concerns of risks in the global banking sector. The market traded lower to a low of $64.12 as a ... Read More
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U.S. energy firms this week added the most natural gas rigs in a week in over four years

March 20, 2023
Recap: On Friday, the oil market posted an outside trading day after it posted an inside trading session on Thursday. It recovered some ground early on Friday following the news of Credit Suisse and First Republic Bank avoided bank failures with support measures that shored up th ... Read More
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