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The Market Believes That the Ceasefire Rejection Ensures Hostilities in the Red Sea Will Continue

February 9, 2024
Recap:  The oil market remained well support and rallied over 2.8% on Thursday amid the news of Israel’s rejection of a ceasefire offer from Hamas. On Wednesday, Israel’s Prime Minister Benjamin Netanyahu rejected the latest Hamas ceasefire offer. The market believes that the rej ... Read More
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The Market Remained Supported Upon the Release of the Inventory Report

February 8, 2024
Recap:  The crude market posted a high of $74.22 in early morning trading before it erased some of its gains ahead of the release of the EIA’s weekly petroleum stocks report. The market remained supported upon the release of the inventory report, which showed larger than expected ... Read More
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The Market Awaited the Result of U.S. Secretary of State Antony Blinken's Efforts to De-Escalate the Situation in the Middle East

February 7, 2024
Recap:  On Tuesday, the oil market maintained an upward momentum as the market awaited the result of U.S. Secretary of State Antony Blinken’s efforts to de-escalate the situation in the Middle East. The market traded mostly sideways in overnight trading and posted a low of $72.38 ... Read More
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The Oil Market Retraced Some Early Losses as it Weighed News Against Concerns Over the Tension in the Middle East

February 6, 2024
Recap:  The oil market retraced some early losses as it weighed economic news against concerns over the tension in the Middle East. The market traded lower in overnight trading after Federal Reserve Chair Jerome Powell said the central bank may wait to cut interest rates. In an i ... Read More
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Strong U.S. Jobs Data Diminished the Odds of Interest Rate Cuts in the Short Term

February 5, 2024
Recap:  The oil market extended its losses to over 2.7% on Friday morning as it traded as strong U.S. jobs data diminished the odds of interest rate cuts in the short term. The market ended down 2.09% on the day and down 7.35% on the week. The market also remained pressured follo ... Read More
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The Federal Reserve Said it Would Not Race to Cut Interest Rates on Wednesday

February 2, 2024
Recap:  The oil market on Thursday sold off sharply early in the afternoon on speculation that Israel agreed to a Gaza ceasefire proposal. Instead, a Qatar official said that Hamas received a ceasefire proposal positively but has not responded to it yet. Early in the session, the ... Read More
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Data Showing That Manufacturing Activity in China Contracted for the Fourth Consecutive Month in January

February 1, 2024
Recap:  The oil market remained pressured on Wednesday amid some weak economic data from China and an unexpected build in crude stocks. The market posted a high of $78.11 in overnight trading before it erased some of Tuesday’s gains. The market traded lower on data showing that m ... Read More
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The Real Estate Crisis in China Fueled Concerns Over its Oil Demand

January 31, 2024
Recap:  On Tuesday, the oil market traded within its recent trading range after the market sold off early in the session and later retraced its earlier losses. The crude market continued to trade lower and extended its previous losses on demand concerns after a Hong Kong court or ... Read More
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Drone Attack by Iran-Backed Militants on U.S. Troops in Northeastern Jordan

January 30, 2024
Recap: The oil market gapped higher on the opening on Sunday evening from $78.26 to $78.90 after three U.S. service members were killed and about 40 were wounded in a drone attack by Iran-backed militants on U.S. troops in northeastern Jordan near the Syrian border. The crude mar ... Read More
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Positive U.S. Economic Growth and Economic Stimulus in China

January 29, 2024
Recap: The oil market on Friday retraced some of its earlier losses in afternoon trading and settled higher for a second consecutive week. Positive U.S. economic growth and economic stimulus in China and a larger than expected draw in crude stocks for last week all combined to mo ... Read More
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