COVID-19 Response
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U.S. Energy Secretary Jennifer Granholm said that refilling the country’s SPR would be difficult this year and may take several years

March 24, 2023
Recap: The oil market was in the midst of four day winning streak early in the session but sold off sharply ahead of the close under the weight of some bearish news. U.S. Energy Secretary Jennifer Granholm said that refilling the country’s SPR would be difficult this year and may ... Read More
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The Dollar Fell to a Six-Week Low Ahead of the Federal Reserve's Decision on Interest Rates

March 23, 2023
Recap:  The oil market on Wednesday continued on its upward trend despite an unexpected build in crude stocks, as the dollar fell to a six-week low ahead of the Federal Reserve’s decision on interest rates in the afternoon.  The May WTI contract, on its first day as the spot cont ... Read More
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The Oil Market Extended its Gains for a Second Consecutive Day

March 22, 2023
Recap: The oil market extended its gains for a second consecutive day on Tuesday as global banking concerns eased and traders await the outcome of the Federal Reserve’s monetary policy meeting that started on Tuesday. The oil market posted its low of $66.77 in overnight trading b ... Read More
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The oil market on Monday saw a late day rally and ended higher

March 21, 2023
Recap: The oil market on Monday saw a late day rally and ended higher, recouping some of last week’s sharp losses.  Early in the session, the market continued on its downward trend on concerns of risks in the global banking sector. The market traded lower to a low of $64.12 as a ... Read More
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U.S. energy firms this week added the most natural gas rigs in a week in over four years

March 20, 2023
Recap: On Friday, the oil market posted an outside trading day after it posted an inside trading session on Thursday. It recovered some ground early on Friday following the news of Credit Suisse and First Republic Bank avoided bank failures with support measures that shored up th ... Read More
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Fears of a Global Banking Crisis

March 17, 2023
Recap:  The oil market posted an inside trading day following Wednesday’s sharp selloff on fears of a global banking crisis. The market traded mostly sideways in overnight trading as Credit Suisse said it would borrow $54 billion from the Swiss central bank to increase its liquid ... Read More
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The Oil Market Sold Off to its Lowest Level in More Than a Year

March 16, 2023
Recap:  The oil market sold off to its lowest level in more than a year as a brewing banking crisis could impact global economic growth. In overnight trading, the oil market retraced some of its previous losses and posted a high of $72.56 amid an increase in China’s economic acti ... Read More
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Concerns of a Broader Recession that Could Reduce Demand

March 15, 2023
Recap: The oil market continued on its downward path on Tuesday following Monday’s trading session, when the market saw a $5 trading range. The market posted a high of $74.90 in overnight trading before the market extended the previous day’s decline as the collapse of Silicon Val ... Read More
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The Market Whipsawed on Monday Amid Worries of a Possible Banking Crisis

March 14, 2023
Recap:  The oil market posted an outside trading day as the market whipsawed on Monday amid worries of a possible banking crisis. The market traded to a high of $77.47 in overnight trading due to a weaker dollar. However, the market gave up its gains and sold off sharply as the c ... Read More
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The Session Ended in Positive Territory Following the Release of the February Payroll Report

March 13, 2023
Recap:  The crude oil market on Friday traded lower early in the session as it continued on its recent downward path but retraced some of its previous losses and ended the session in positive territory following the release of the February payroll report. The report showed that w ... Read More
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