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The IEA said increasing US oil output will outpace global demand and lead to a large inventory build around the world in the next nine months.

July 15, 2019
Recap: The oil market traded higher but failed to breach its previous high as concerns over a global surplus in the months ahead limited its gains.  The IEA said increasing US oil output will outpace global demand and lead to a large inventory build around the world in the next n ... Read More
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The oil market continued to trend higher early Thursday ahead of the storm in the Gulf of Mexico

July 12, 2019
Recap: The oil market continued to trend higher early Thursday ahead of the storm in the Gulf of Mexico, with oil producers evacuating and shutting in production.  The crude market rallied to a high of $60.94 in overnight trading before the market eased off as OPEC forecast slowe ... Read More
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The EIA reported a larger than expected draw in crude stocks of 9.5 million barrels

July 11, 2019
Recap: Oil prices rose on Wednesday in light of the weekly stock reports showing larger than expected draws in crude stocks and reports of major US producers evacuating and shutting in operations in the Gulf of Mexico ahead of a storm.  The crude market opened sharply higher, up ... Read More
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Oil prices wavered between gains and losses on Tuesday

July 10, 2019
Recap: Oil prices wavered between gains and losses on Tuesday, as the market weighed concerns over global economic growth against declining production and geopolitical tensions.  Worries about the escalating tensions between the US and Iran provided some support to the market.  T ... Read More
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The crude market traded higher on Monday amid the escalating tensions surrounding Iran’s nuclear program

July 9, 2019
Recap: The crude market, which continued to trade within its recent trading range, traded higher on Monday amid the escalating tensions surrounding Iran’s nuclear program. Over the weekend, Iran said it would increase its uranium enrichment above the limit set by the 2015 nuclear ... Read More
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API report provided support to market with larger than expected draw in crude stocks

July 5, 2019
Recap: The crude market traded mostly sideways in overnight trading before it breached its previous low and posted a low of $56.04.  The market bounced off that level and rallied to a high of $57.12.  Tuesday night’s API report provided some support to the market, with the report ... Read More
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OPEC and non-OPEC agreed to extend their output cuts until March 2020

July 3, 2019
Recap: The oil market on Tuesday fell sharply lower as concerns about the global economy outweighed the OPEC and non-OPEC agreement to extend their output cuts until March 2020.  Growth concerns have recently been stoked by the recent weak manufacturing data.  Also, a tweet by US ... Read More
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The oil market rallied higher on Monday morning

July 2, 2019
Recap: The oil market rallied higher on Monday morning as OPEC and non-OPEC producers looked set to extend their supply cuts until at least the end of 2019.  The crude market posted a high of $60.28, where it held resistance during the rest of the session.  However, the market er ... Read More
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The EIA reported that US oil production in April increased to a new monthly high of 12.16 million bpd

July 1, 2019
Recap: With the G20 summit and the OPEC meeting just days away, WTI hovered close to the $60.00 level for most of the session, while Brent held near $67.00 a barrel. All eyes and ears will be on the U.S. and China as to how the two countries can resolve trade issues that have dam ... Read More
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Talks taking place at the G-20 summit overshadowed tensions between the U.S. and Iran.

June 28, 2019
Recap: WTI experienced another failed attempt to trade above $60.00 a barrel on Thursday, as prices retreated from multi-week highs. Eyes were on trade talks taking place at the G-20 summit, which overshadowed tensions between the U.S. and Iran. In early trading, August WTI fell ... Read More
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