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Oil Market Sees Volatility as Angola Opts Out of OPEC

December 22, 2023
Recap:  The oil market on Thursday fell as it reacted to cracks in OPEC’s unity following the news that Angola was leaving OPEC. Angola's Oil Minister, Diamantino Azevedo, said the country's membership in OPEC was not serving its interests. Angola, which produces about 1.1 millio ... Read More
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January NYMEX Natural Gas Futures Contract Closed at $2.447 on Wednesday, December 20th

December 21, 2023
Wednesday, December 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.422, eight cents below Monday’s closing price of $2.492. Ascending to the intraday high of $2.539 by 9:45AM, analysts continued to keep an eye on the latest forecasts amid substantial stora ... Read More

Oil Prices Swing on Unexpected Inventory Surge and Trade Flow Disruptions

December 21, 2023
Recap: The oil market on Wednesday traded lower in light of the EIA report showing an unexpected build in crude stocks on the week, with record U.S. oil output and larger than expected builds in product stocks. The crude market retraced more than 62% of its move from a high of $7 ... Read More
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January NYMEX Natural Gas Futures Contract Closed at $2.492 on Tuesday, December 19th

December 20, 2023
Tuesday, December 19th saw the front-month NYMEX Natural Gas Futures Contract open at $2.422, eight cents below Monday’s closing price of $2.503. Continuing the pre-session downward momentum due to heating demand vanishing from the short-term forecast, prices tallied an intraday ... Read More

Oil Markets Navigate Narrow Trading Range Despite Red Sea Shipping Disruptions

December 20, 2023
Recap: The oil market traded higher but posted an inside trading day as it failed to breach Monday’s $3.60 trading range. While the attacks by Yemen’s Houthi rebels on vessels traveling through the Red Sea have impacted shipping and increased the geopolitical risk premium, it has ... Read More
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January NYMEX Natural Gas Futures Contract Closed at $2.503 on Monday, December 18th

December 19, 2023
Monday, December 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.570, eight cents above Friday’s closing price of $2.491. Continuing Friday’s rally, as additional heating demand was added to the forecast for the end of the month, some analysts also attribut ... Read More

Oil Market Rallies as Shipping Disruptions in Red Sea Impact Global Trade

December 19, 2023
Recap: The oil market rallied higher on Monday amid the escalating tensions in the Middle East due to recent attacks on ships crossing the Red Sea. The market traded sideways within Thursday’s trading range in overnight trading before it was well supported by news of BP pausing s ... Read More
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January NYMEX Natural Gas Futures Contract Closed at $2.491 on Friday, December 15th

December 18, 2023
Friday, December 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.444, five cents above Thursday’s closing price of $2.392. Recording the intraday low of $2.417 by 9:15AM, a slightly bullish shift to forecasts overnight then directed prices higher. Crossing ... Read More

Oil Market Sees First Weekly Gain in Two Months Amid Fluctuating Prices and Global Demand Forecasts

December 18, 2023
Recap: The oil market posted an inside trading day and posted its first weekly gain in almost two months. In a see-saw session, the market posted a high of $72.22 early in the session as it remained supported by the IEA’s higher world oil demand forecasts for next year. However, ... Read More
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Oil Markets Rally as Dollar Weakens and IEA Ups Demand Forecast for 2024; WTI and Brent Settle Higher Amid Global Demand Dynamics

December 15, 2023
Recap: The crude market on Thursday extended Wednesday’s gains and continued to retrace its previous losses. The market was well supported by a weaker dollar and as the IEA increased its oil demand forecast for next year. The dollar fell to a new four month low after the U.S. Fed ... Read More
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