COVID-19 Response
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WTI traded above $70 a barrel for the second straight session

June 11, 2021
Recap:  It was a rollercoaster ride for oil futures on Thursday, with WTI trading above $70 a barrel for the second straight session, drawing support from higher-than-forecast U.S. inflation data. The climb above $70 only to come crashing down below $69 a barrel on an unconfirmed ... Read More
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The EIA reported a 7 million barrel build in U.S. gasoline inventories

June 10, 2021
Recap: Early gains in oil futures were erased on Wednesday after the EIA reported a 7 million barrel build in U.S. gasoline inventories and an increase of 4.4 million barrels in distillate stockpiles. Oil prices appeared headed for a second session of gains on hopes for increasin ... Read More
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Oil futures reversed early losses on Tuesday

June 9, 2021
Recap: Oil futures reversed early losses on Tuesday after the EIA, in its monthly report, lifted its forecast for WTI and Brent prices for this year and as traders remain optimistic that demand will increase as the global effort to reopen after shutting down due to Covid-19. July ... Read More
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Oil futures pulled back from two-year highs on Monday

June 8, 2021
Recap: Oil futures pulled back from two-year highs on Monday, pressured by the prospect of higher Iranian exports and lower Chinese demand. However, increased demand expectations for both Europe and the U.S. placed a floor under the market, as these locations commence the reopeni ... Read More
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Oil futures extended gains on Friday

June 7, 2021
Recap: Oil futures extended gains on Friday, as optimistic expectations for crude demand help set prices up for a weekly gain of around 5%. OPEC+ supply discipline and recovering demand countered concerns about a patchy COVID-19 vaccination rollout around the globe. Adding to the ... Read More
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Commodity prices fell as the U.S. jobs report numbers exceeded estimates

June 4, 2021
Recap:  Commodities prices dropped across the board on Thursday, as investors considered the impact the recent U.S. jobs report would have on the Fed’s policy and inflation. Businesses added 978,000 jobs in May, exceeding the estimate of 650,000, while jobless claims fell below 4 ... Read More
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Oil futures extended their gains on Wednesday

June 3, 2021
Recap: Oil futures extended their gains on Wednesday, supported by the OPEC+ decision to stick to its plan to gradually restore supply to the market, as nuclear talks between the U.S. and Iran appear to be slowing. A reported fire at an Iranian refinery added to the upside moment ... Read More
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Brent hit its highest level since March

June 2, 2021
Recap: Oil futures jumped on Monday, with WTI hitting a two-year high, as OPEC+ reconfirmed a gradual increase in production, sticking to the plan agreed upon in April, whereby 2.1 million barrels per day of supply would be brought back to the market between May and July. Brent h ... Read More
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WTI rose to its highest level since March 8

June 1, 2021
Recap: Oil futures swung from gentle losses to gentle gains on Friday, struggling for direction, supported by firm demand, with OPEC+ appearing to have global supply under control despite worries about Iranian supply and Asian COVID-10 case spikes. WTI rose to its highest level s ... Read More
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U.S. crude futures have been stuck in a $10 trading range since March

May 28, 2021
Recap: Oil prices reversed early losses on Thursday, supported by strong U.S. economic data that waylaid trader’s concerns about the potential for a rise in Iranian supplies. A rise in equities also lent support, while the dollar hovered around the unchanged level. U.S. crude fut ... Read More
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