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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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OPEC+'s Joint Ministerial Monitoring Committee Recommended Making No Changes to its Output Policy

February 2, 2023
Recap:  The oil market posted an outside trading day on Wednesday, trading to its high in overnight trading ahead of the OPEC+ meeting and EIA inventory report before it gave up all of its gains in afternoon trading. The market breached its previous high and rallied to a high of ... Read More
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The U.S. Dollar Pared Early Gains and the Equities Markets Opened Higher

February 1, 2023
Recap: The oil market on Tuesday rebounded from its earlier lows as the U.S. dollar pared early gains and the equities markets opened higher after wage growth data signaled easing inflation ahead of the Federal Reserve’s decision on interest rates on Wednesday. The market traded ... Read More
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The Oil Market Extended its Losses Ahead of Increases in Interest Rates

January 31, 2023
Recap:  The oil market extended its losses ahead of increases in interest rates by major central banks and signs of strong Russian exports, offset rising tensions in the Middle East over a drone attack in Iran over the weekend and hopes of increased Chinese demand. Investors are ... Read More
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The Crude Market Extended Thursday's Gains and Breached its Previous High

January 30, 2023
Recap:  The oil market on Friday posted an outside trading day, as it reversed its early gains and sold off as traders booked profits ahead of the weekend and the end of the month next week. The crude market extended Thursday’s gains and breached its previous high as it rallied t ... Read More
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The Oil Market Traded Higher on Thursday on Positive U.S. Economic Data

January 27, 2023
Recap:  The oil market traded higher on Thursday on positive U.S. economic data. The market, which traded mostly sideways in overnight trading, rallied higher following the Commerce Department report showing that the U.S. economy grew faster than expected in the fourth quarter. H ... Read More
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The Crude Market Was Weighed Down Earlier in the Session by Tuesday Evening's API Report

January 26, 2023
Recap:  The oil market traded higher on Wednesday following the release of the EIA weekly petroleum stock report, which showed a smaller than expected build in U.S. crude inventories of 533,000 barrels in the week ending January 20th. The build was much less than the 19 million b ... Read More
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Traders Weighed Demand Expectations Following the Latest U.S. Economic Data

January 25, 2023
Recap: The oil market traded lower on Tuesday as traders weighed demand expectations following the latest U.S. economic data. S&P Global reported that U.S. business activity contracted in January for the seventh consecutive month. Also, spurring concerns of a U.S. recession, the ... Read More
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