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The Market Continued to Weigh the Effectiveness of an Extension of the OPEC+ Output Cuts

December 7, 2023
Recap:  The oil market sold off more than 4% on Wednesday as the market continued to weigh the effectiveness of an extension of the OPEC+ output cuts against a worsening demand outlook in China. The market was further pressured by the larger than expected build in gasoline stocks ... Read More
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The Market Saw Some Volatile Trading as a Stronger Dollar Offset Supply Concerns

December 6, 2023
Recap:  The oil market continued on its downward trend for the fourth consecutive session on Tuesday as several attempts to rebound throughout the day failed. The market saw some volatile trading as a stronger dollar offset supply concerns after Russia’s Deputy Prime Minister sai ... Read More
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The Oil Market Continued to Sell Off on Monday Posting a Third Consecutive Day of Losses

December 5, 2023
Recap:  The oil market continued to sell off on Monday posting a third consecutive day of losses. The market remained under pressure on concerns over slowing demand and some skepticism that OPEC+ output cuts will amount to actual cuts. The cuts are voluntary, raising doubts about ... Read More
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The Oil Market Sold Off Almost 2.5% on Friday in the Wake of the OPEC+ Decision to Cut About 2.2 Million BPD in the First Quarter of Next Year

December 4, 2023
Recap:  The oil market sold off almost 2.5% on Friday in the wake of the OPEC+ decision to cut about 2.2 million bpd in the first quarter of next year. The market is viewing the announcement with some skepticism over whether OPEC+ producers will comply with the voluntary cuts or ... Read More
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The Oil Market Posted an Outside Trading Day on Thursday as it Rallied Over 2.2% Early in the Session

December 1, 2023
Recap:  The oil market posted an outside trading day on Thursday as it rallied over 2.2% early in the session before it pared its gains and sold off more than 3.6% by mid-day. Early in the session, the crude market posted a high of $79.60 as the market awaited the outcome of the ... Read More
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The Oil Market Continued to Trend Higher on Wednesday Ahead of the OPEC+ Output Policy Meeting

November 30, 2023
Recap:  The oil market continued to trend higher on Wednesday ahead of the OPEC+ output policy meeting on Thursday. The market traded sideways in overnight trading before it continued on its upward trend and breached its previous high of $77.02 as it traded to $77.88 early in the ... Read More
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The Oil Market Was Well Supported By a Weaker Dollar and a Fall in Kazakhstan's Oil Output

November 29, 2023
Recap:  The oil market moved higher, while still remaining within last Wednesday’s trading range from $77.97 to $73.79, ahead of the weekly petroleum stock reports later on Tuesday and Wednesday morning and the OPEC+ meeting on Thursday. The market traded mostly sideways in overn ... Read More
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The Oil Market on Monday Traded Lower and Remained Within Last Wednesday's Trading Range

November 28, 2023
Recap:  The oil market on Monday traded lower and remained within last Wednesday’s trading range as traders awaited this week’s OPEC+ meeting. Last week, the market tumbled when OPEC+ decided to postpone its ministerial meeting until November 30th to iron out differences on produ ... Read More
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The Oil Market Sold Off Sharply on Wednesday After OPEC+ Producers Delayed Their Scheduled Meeting

November 27, 2023
Recap:  The oil market sold off sharply on Wednesday after OPEC+ producers delayed their scheduled meeting from Sunday until November 30th, signaling disunity among the producer group. While the group has delayed meetings before, the long delay indicates the difficulties within t ... Read More
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The oil market on Tuesday consolidated its trading following back to back gains as traders turned cautious ahead of this week

November 22, 2023
Recap: The oil market on Tuesday consolidated its trading following back to back gains as traders turned cautious ahead of this week’s EIA crude stocks report and Sunday’s OPEC+ meeting. The market, which had retraced almost 38% of its move from a high of $88.37 to a low of $72.3 ... Read More
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