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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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The EIA reported a weekly drop of nearly 13 million barrels in U.S. crude oil stocks

June 27, 2019
Recap: WTI futures climbed almost 3% on Wednesday, as the EIA reported a weekly drop of nearly 13 million barrels in U.S. crude oil stocks, the largest drop since September 2016. Analysts had expected a 2.5 million barrel draw. August WTI fell shy of hitting $60.00 a barrel, as t ... Read More
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The API reported a 7.5 million barrel draw in U.S. crude oil stocks

June 26, 2019
Recap: Oil prices received an early morning jolt after U.S. President Donald Trump warned Iran against attacking “anything American” and as traders awaited the release of U.S. data which is expected to show a decline in crude oil stockpiles. August WTI rose 48 cents, or 0.8%, to ... Read More
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Oil prices rose for the third straight session

June 25, 2019
Recap: Oil prices rose for the third straight session on Monday as tensions between the U.S. and Iran overshadowed earlier concern over waning demand. August WTI was trading at $56.75 a barrel by 11:30 am EST, down 68 cents, or 1.1%, but began a slow and steady ascent above $58.0 ... Read More
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A fire at the Philadelphia Energy Solution's refinery caused an impressive move in gasoline

June 24, 2019
Recap: The big news on Friday was the fire at Philadelphia Energy Solution’s refinery that was ignited by a series of explosions shortly after 3 a.m. The refinery processes 335,000 barrels of crude oil every day at two plants in the complex — Girard Point and Point Breeze. The fi ... Read More
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Oil prices jumped as much as 6% on Thursday

June 21, 2019
Recap: Oil prices jumped as much as 6% on Thursday after Iran shot down a U.S. military drone near the Strait of Hormuz, raising fears of a military confrontation between the two countries. August WTI rose $3.40, or 6.2%, to $57.37 a barrel by 11:02 a.m. EST, while August Brent s ... Read More
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