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Production in the Gulf of Mexico is still hindered by the effects of Hurricane Ida

September 8, 2021
Recap: The slide in oil prices that began last week continued throughout Tuesday’s session after it was reported that Saudi Arabia made deep cuts to crude oil contract prices for Asia. State run oil group, Saudi Aramco announced on Sunday it will cut October official selling pric ... Read More
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Oil prices rose early in the session on Friday

September 7, 2021
Recap: Oil prices rose early in the session on Friday, as a rebound in global demand was widely expected and a slow recovery for the U.S. Gulf Coast export and refining hub from the hurricane earlier this week looked set to deplete stocks further. The shut in of production in the ... Read More
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Oil futures rose more than $1 per barrel

September 3, 2021
Recap: Oil futures rose more than $1 per barrel on Thursday, rebounding on optimism about the pace of the global economic recovery in spite of the coronavirus pandemic, as well as a sharp decline in U.S. crude oil inventories. Prices moved higher despite OPEC+’s decision to leave ... Read More
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The oil market traded higher in overnight trading ahead of the OPEC+ meeting

September 2, 2021
Recap: The oil market traded higher in overnight trading ahead of the OPEC+ meeting, posting a high of $69.24 before it erased some of its gains and started to trend lower.  The market, which was holding support at its previous lows, sold off sharply on the comments made by Russi ... Read More
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The oil market posted an inside trading day on Tuesday

September 1, 2021
Recap: The oil market posted an inside trading day on Tuesday as the market erased some of its previous gains and found support over the $68.00 level.  The market traded lower amid the concerns that the power outages and flooding in Louisiana in the wake of Hurricane Ida will cut ... Read More
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Hurricane Ida weakened after forcing the shutdown of 1.74 million bpd of U.S. Gulf oil production

August 31, 2021
Recap: On Monday, the oil market erased its early rally to a four-week high, as Hurricane Ida weakened after forcing the shutdown of 1.74 million bpd of U.S. Gulf oil production ahead of the storm.  The market was also pressured as OPEC+ looked set to proceed with a planned oil o ... Read More
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Oil market traded higher on Friday despite energy companies shutting in production

August 30, 2021
Recap:  The oil market on Friday continued to trend higher after it posted an inside trading day on Thursday.  The market remained well supported as energy companies shut in production in the Gulf of Mexico ahead of Hurricane Ida, which was forecast to be at least a Category 3 or ... Read More
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The EIA reported that the four week average of U.S. total product supplied increased to nearly 21 million bpd

August 26, 2021
Recap: On Wednesday, the oil market steadied following its sharp gains over the past couple of sessions on the news that Mexico was set to resume its shut in production following a major outage.  Mexico’s Pemex reported overnight that it expected to resume its output by August 30 ... Read More
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The oil market rose almost 3% on Tuesday

August 25, 2021
Recap: The oil market extended Monday’s sharp gains as it rose almost 3% on Tuesday as concerns over diminishing demand eased following the FDA’s full approval of the Pfizer/BioNTech Covid-19 vaccine on Monday.  Also, reports of China’s apparent success in curbing the spread of t ... Read More
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The oil market rallied over 5% on Monday

August 24, 2021
Recap: On Monday, the oil market rallied over 5%, as the U.S. dollar weakened and the strength in the equities markets lent support to the oil complex following a seven-day losing streak.  The oil market traded higher in tandem with the equities markets as investor concerns that ... Read More
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