COVID-19 Response
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Oil futures fell 1% in overnight trading

March 23, 2021
Recap: Oil futures continue to struggle as renewed concerns about demand pushed prices from session highs, while a pullback in the U.S. dollar propelled prices from session lows. Oil futures fell 1% in overnight trading as traders grew increasingly concerned over lockdowns as Ger ... Read More
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WTI experienced an inside trading session after gapping lower on the opening

March 22, 2021
Recap: Just one day after falling by 7%, crude oil futures seesawed on Friday, turning to the upside, as traders reacted to reports of a drone attack on one of Saudi Arabia’s oil facilities, and on what was most likely trader stabilization ahead of the weekend. Despite a higher d ... Read More
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Brent and WTI lost more than 7% over the last five sessions

March 19, 2021
Recap: Oil futures got clobbered on Thursday, falling for the fifth straight session, with both Brent and WTI losing more than 7% over the last five sessions. Most of Thursday’s pressure came from a rise in the U.S. dollar and rising tensions between the U.S. and Russia, amid wei ... Read More
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U.S. crude oil inventories rose for the fourth straight week

March 18, 2021
Recap: WTI continues to hover around $64 with a surge in prices seeming less likely, as U.S. crude oil inventories rose for the fourth straight week, as refiners ramp up output. Stockpiles for petroleum products increased as well, according to the EIA report. This, combined with ... Read More
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Refiners in Texas struggle to bounce back from the mid-February deep freeze

March 17, 2021
Recap: Oil futures fell on Tuesday, as European countries suspended the use of Oxford/AstraZeneca’s vaccine after reports of possible serious side effects. Investors grew worrisome that the slow pace of vaccinations in Europe could hurt an economic recovery and fuel demand. Trade ... Read More
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Oil prices slipped on Monday

March 16, 2021
Recap: Oil prices slipped on Monday, pulling back from earlier gains nurtured by strong Chinese economic news and ongoing supply restraint from OPEC+. China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data ro ... Read More
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Baker Hughes reported that the number of U.S. oil drilling rigs fell by 1 to 309

March 15, 2021
Recap: It was a lackluster trading session for oil futures on Friday, as prices pulled back from Thursday’s RBOB lead rally. Strength in the U.S. dollar weighed on the market, as a fresh spike in U.S. Treasury yields sparked a risk-off move in global currencies. Despite this week ... Read More
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OPEC’s demand forecast for 2021 sees demand growth of 5.89 million barrels per day in 2021

March 12, 2021
Recap: Energy markets were dragged higher by RBOB futures, as the front-month contract settled at its highest level in 2 ½ years. Oil futures also got a boost from a revision in OPEC’s demand forecast for 2021, where in its monthly report the group said it sees demand growth of 5 ... Read More
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The EIA reported a 13.8 million barrel build in U.S. crude oil inventories

March 11, 2021
Recap: Oil futures opened Wednesday’s session trading unchanged, but by daybreak on the East Coast, April WTI was trading just below $65 a barrel. This strong technical number held up, as prices retreated after the EIA reported a 13.8 million barrel build in U.S. crude oil invent ... Read More
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Oil futures fell for the second straight day on Tuesday

March 10, 2021
Recap: Oil futures fell for the second straight day on Tuesday, as traders await the U.S. inventory numbers from both the API and the EIA. On average, analysts expect U.S. crude oil inventories to rise by 2.7 million barrels for the week ending March 5. Last week, we saw a whoppi ... Read More
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