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The Market Sold Off Sharply Following the Release of the EIA Petroleum Stock Report

February 16, 2023
Recap:  The oil market looked ready to post an inside trading day early in the session, however the market sold off sharply following the release of the EIA petroleum stock report on Wednesday morning. The market, which traded lower in overnight trading following the API report l ... Read More
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The U.S. Government Said it Would Release More Crude from its SPR

February 15, 2023
Recap: The oil market started the session lower on news that the U.S. government said it would release more crude from its SPR, while the market looked for U.S. inflation data for further direction. The U.S. Department of Energy announced it would sell 26 million barrels of oil f ... Read More
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Short-Term Demand Concerns Ahead of the Release of U.S. Inflation Data

February 14, 2023
Recap:  The oil market traded higher on Monday, continuing last week’s upward momentum as the market weighed Russia’s plans to cut production in March and short-term demand concerns ahead of the release of U.S. inflation data. The oil market opened lower and posted a low of $78.4 ... Read More
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The West Imposed Price Caps on its Oil and Oil Products

February 13, 2023
Recap:  The oil market continued on its upward trend on Friday on Russia’s announcement that it plans to cut its oil production in March by 500,000 bpd after the West imposed price caps on its oil and oil products. The market posted a low of $77.47 in overnight trading before it ... Read More
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Builds in Oil Inventories Reported by the EIA on Wednesday Helped Limit the Market's Gains

February 10, 2023
Recap:  The crude market posted an outside trading session as the market was initially buoyed by hopes of increased Chinese demand while the builds in oil inventories reported by the EIA on Wednesday helped limit the market’s gains. The market was also pressured as U.S. Federal R ... Read More
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Investor Concern Over U.S. Interest Rates Eased

February 9, 2023
Recap:  The oil market continued to trend higher for the third consecutive session on Wednesday as investor concern over U.S. interest rates eased. Comments from U.S. Federal Reserve Chair, Jerome Powell on Tuesday were seen as less hawkish than feared, pushing the dollar lower. ... Read More
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The Oil Market Continued to Retrace its Previous Losses on Tuesday

February 8, 2023
Recap: The oil market continued to retrace its previous losses on Tuesday, extending the gains seen on Monday after it posted a low not seen since December 12th. The market gapped higher on the opening from $74.51 to $74.57 but quickly backfilled the gap as it posted a low of $74 ... Read More
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The Oil Market Traded Higher on Monday

February 7, 2023
Recap:  The oil market traded higher on Monday following some choppy trading earlier in the session as the market weighed a return in demand from China against supply concerns and fears of slower growth in major economies. The market traded mostly sideways in overnight trading as ... Read More
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The Oil Market Looked Ready to Post an Inside Trading Day But Instead Posted an Outside Trading Day

February 6, 2023
Recap:   Early on Friday, the oil market looked ready to post an inside trading day but instead posted an outside trading day following a volatile session. The market traded sideways in overnight trading as it held support at its previous low of $74.97. However, the market rallie ... Read More
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Inventory Report Showing Builds Across the Board

February 3, 2023
Recap:  The oil market continued on its downward trend on Thursday following Wednesday’s sell off on the inventory report showing builds across the board and the OPEC+ decision to leave its output policy unchanged, suggesting major oil producers are not in a rush to push prices h ... Read More
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