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The Oil Market Posted an Inside Trading Day on Tuesday After Breaking a Three-Day Losing Streak

March 27, 2024
Recap:  The oil market posted an inside trading day on Tuesday after breaking a three-day losing streak on Monday. Traders weighed the bearish effect of the decline in Russian refinery demand and the bullish effect from the cut in Russia’s oil exports. Also, the market was suppor ... Read More
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The Crude Market on Monday Traded Higher as the Russian Government Ordered Producers to Cut Output

March 26, 2024
Recap:  The crude market on Monday traded higher as the Russian government ordered producers to cut output. The oil market, which posted an inside trading day on Friday, posted a low of $80.59 on the opening and continued to retrace some of its previous losses. The market was wel ... Read More
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Traders Positioned Themselves Ahead of the Weekend Amid the Possibility of a Ceasefire in Gaza

March 25, 2024
Recap:  The crude market on Friday posted an inside trading day as traders positioned themselves ahead of the weekend amid the possibility of a ceasefire in Gaza. On Thursday, U.S. Secretary of State Antony Blinken said he believed talks in Qatar could reach a Gaza ceasefire agre ... Read More
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Reports of a U.N. Draft Resolution Calling For a Ceasefire in Gaza

March 22, 2024
Recap:  The crude market continued to trend lower on Thursday on reports of a U.N. draft resolution calling for a ceasefire in Gaza. The oil market traded higher in overnight trading amid a weaker U.S. dollar after Federal Reserve officials reaffirmed they see three interest rate ... Read More
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Crude Market Retreats Ahead of Fed Rate Policy Announcement and Contract Expiration

March 21, 2024
Recap:  The crude market on Wednesday erased its recent gains ahead of the April contract’s expiration at the close and as it awaited the Federal Reserve’s interest rate policy announcement. The market remained in negative territory throughout the session after opening at $83.20 ... Read More
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The Market Remained Well Supported By the Ukrainian Attacks Against Some Russian Refineries

March 20, 2024
Recap:  The oil market rallied sharply higher for the second consecutive session on Tuesday as the market remained well supported by the Ukrainian attacks against some major Russian refineries. Ukraine has targeted at least seven refineries with drones this month. The attacks hav ... Read More
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News of Ukraine's Attacks on Russian Energy Infrastructure

March 19, 2024
Recap:  The oil market continued on its upward trend on Monday following Friday’s inside trading day. The market was well supported by news of Ukraine’s attacks on Russian energy infrastructure, with fires breaking out at two refineries over the weekend. The market posted a low o ... Read More
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The Market Was Supported By the IEA's Oil Demand Growth Forecast and An Unexpected Decline in U.S. Inventories

March 18, 2024
Recap:  The crude market on Friday posted an inside trading day as it retraced some of Thursday’s sharp gains and settled down 0.27% on the day. However, the market, which settled on Thursday at a level not seen since November 2nd, ended the week 3.88% higher after it was support ... Read More
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The IEA Raised its Demand Growth Forecast and Lowered its Supply Projection for This Year

March 15, 2024
Recap:  The oil market extended its gains on Thursday amid the IEA outlook suggesting a tighter oil market. The IEA raised its demand growth forecast and lowered its supply projection for this year. It forecast demand will increase by 1.3 million bpd in 2024, up 110,000 from its ... Read More
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The Oil Market on Wednesday Rallied Over 2% Following the Release of a Supportive EIA Inventory Report

March 14, 2024
Recap:  The oil market on Wednesday rallied over 2% following the release of a supportive EIA inventory report and a second day of Ukrainian drone attacks on Russian refining facilities. On Tuesday evening, the API reported an unexpected draw of 5.5 million barrels in crude stock ... Read More
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