COVID-19 Response
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Oil futures rose as much as 3.8% on Tuesday

April 7, 2021
Recap: Oil futures rose as much as 3.8% on Tuesday, following a rise across the spectrum for commodities, as the International Monetary Fund boosted its 2021 economic growth forecast to 6% from a January forecast of 5.5% as it expects strong growth for emerging economies and the ... Read More
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Oil futures fell on Monday

April 6, 2021
Recap: Oil futures fell on Monday, with some traders worried that the rising number of COVID cases will stammer demand and, as the energy complex grew concerned over the decision by OPEC+ to ease output curbs and indications that Iran is adding more supply to the market. Demand c ... Read More
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OPEC+ decided to gradually increase crude output by adding 350,000 barrels per day starting in May

April 5, 2021
Recap: In a surprise move, oil futures rose on Thursday, despite OPEC+ deciding to gradually increase crude output by adding 350,000 barrels per day starting in May and over the next three months. Citing a slow tightening between supply and demand, and forecasts for a strong reco ... Read More
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The EIA reported a 900,000 barrel drop in U.S. crude oil inventories

April 1, 2021
Recap: Oil futures rose on Wednesday, as U.S. crude supplies fell for the first time in six weeks, according to the EIA. The EIA reported a 900,000 barrel drop in U.S. crude oil inventories; analyst had expected a build of 600,000 barrels. The reaction to the report was limited, ... Read More
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Oil futures fell as traders focus on upcoming OPEC meeting

March 31, 2021
Recap:  Oil futures stumbled on Tuesday, as ships resumed moving through the Suez Canal and as traders focused on the meeting between OPEC and its allies set for later this week. It is expected that the group will vote to extend existing production cuts through May. Adding to the ... Read More
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Oil futures traded higher on Monday

March 30, 2021
Recap: Oil futures traded higher on Monday, after last week’s setback. Concerns over continued delays in the Suez Canal and expectations that OPEC+ will keep output through May spurred prices higher. Although the grounded container ship was freed, traders were concerned about per ... Read More
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Oil prices posted a rebound as the Suez Canal blockage squeezes crude oil supply

March 29, 2021
Recap: Oil prices posted a rebound on Friday, bouncing back from Thursday’s plunge, as concern that the giant container ship that ran aground in the Suez Canal may block the vital shipping conduit for weeks, squeezing supplies of crude oil and refined products. Rising tensions in ... Read More
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Traders kept an eye on the progress of moving a ship that has been blocking tanker traffic in the Suez Canal

March 26, 2021
Recap: Oil futures tumbled on Thursday, dipping down toward the lows of Tuesday and Wednesday, as concern over the increasing number of COVID19 cases across Europe gave rise to worries about demand. Traders kept an eye on the progress of moving a ship that has been blocking tanke ... Read More
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The EIA reported a rebound in U.S. refining activity

March 25, 2021
Recap:  After falling by almost 5% on Tuesday, oil futures bounced right back, gaining more than 5% after a ship ran aground in the Suez Canal, raising worries that the incident could tie up crude shipments. Oil futures were already on the rise after the EIA reported a rebound in ... Read More
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Oil futures fell by almost 5% on Tuesday

March 24, 2021
Recap: Oil futures fell by almost 5% on Tuesday on rising demand concerns. The oil demand recovery in Europe, a region that accounts for about 15% of global consumption, looks set to take a fresh hit as the continent struggles to deal with another wave of coronavirus cases that c ... Read More
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