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The EIA reported a 3.8 million barrel drop in U.S. crude oil inventories

March 14, 2019
Recap: WTI rose to its highest level in 4 four months after the EIA reported a 3.8 million barrel drop in U.S. crude oil inventories. Expectations were calling for a build of 2.7 million. Immediately after the number, April WTI rose as much as 2.1 percent, hitting an intraday hig ... Read More
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Oil prices posted modest gains as Venezuela continues to limit exports

March 13, 2019
Recap: Oil prices posted modest gains on Tuesday, propped up after a Saudi official said his country plans to cut oil exports in April, while power outages in Venezuela continue to limit exports from the country. May Brent broke above $67.00 a barrel, while April WTI rose above $ ... Read More
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Venezuelan exports continue to decline in the wake of nationwide power outages

March 12, 2019
Recap: WTI bounced off of the $56.00 level on reports that Saudi Arabia plans to lengthen its reduction of crude oil exports, while Venezuelan exports continue to decline in the wake of nationwide power outages. April WTI opened the session trading at unchanged, but quickly bounc ... Read More
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Oil prices finished lower for the second straight week

March 11, 2019
Recap: Oil prices fell hard on Friday, finishing lower for the second straight week, after the U.S. Labor Department reported lower than expected job growth in the U.S. According to the report, U.S. job growth expanded by 20,000 jobs, much lower than the expected 180,000 jobs. Th ... Read More
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OPEC output fell to its lowest level in nearly four years

March 8, 2019
Recap: Oil prices recovered on Thursday after falling 2 percent on Wednesday, bolstered by a falling OPEC output, which fell to its lowest level in nearly four years. WTI for April delivery briefly shot up to a high of $56.99 before settling into trading range between $56.35 and ... Read More
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The EIA reported a larger than expected build in U.S. crude oil stockpiles

March 7, 2019
Recap: WTI fell as much as 2 percent on Monday after the EIA reported a larger than expected build in U.S. crude oil stockpiles. WTI for April delivery slipped to a low of $55.42 a barrel after the numbers were released. The move to the downside was short lived, with this spot co ... Read More
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The trade deal between the U.S. and China has been the driving force behind the market

March 6, 2019
Recap: With traders having already factored in OPEC lead production cuts and the effects from the restart of Libya’s El Sharara oilfield amidst weak demand keeping a lid on prices, oil futures traded in a narrow range on Tuesday, in what was a lackluster session. The prospects of ... Read More
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Oil prices were supported by hopes that the U.S. and China could reach an agreement on a trade deal

March 5, 2019
Recap: Oil prices rose as much as 2 percent on Monday, supported by hopes that the U.S. and China could reach an agreement on what has been a tenacious stand-off between the two countries regarding a trade deal. April WTI opened the session trading above unchanged, and quickly sh ... Read More
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Both Brent and WTI futures fell on Friday after a mixed session on Thursday

March 4, 2019
Recap: Both Brent and WTI futures fell on Friday after a mixed session on Thursday. Prices peeled away from fresh highs for the year, as the ISM manufacturing index for February sank to the lowest level since November 2016. This helped to end two weeks of gains for oil prices. It ... Read More
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Signs of a weakening global economy kept oil prices below recent four month highs

March 1, 2019
Recap: Brent oil futures headed lower on Thursday, while WTI held firm, as trade talks between the U.S. and China remained unresolved. Signs of a weakening global economy kept oil prices below recent four month highs. April Brent futures lingered below unchanged, peaking the sess ... Read More
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