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Expectations of another draw in US crude oil stocks pushed WTI to its highest level since December of 2014

January 24, 2018
Recap: Oil prices opened the session above unchanged then proceeded to move sideways in overnight trading. A daybreak dip failed to reach $63.48, the 10-day moving average for WTI, spurring technical buyers into action. This coupled with expectations of yet another draw in U.S. c ... Read More
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Philadelphia Energy Solutions LLC is filing for bankruptcy on its South Philadelphia oil refinery complex

January 23, 2018
Recap: A lack of new fundamentals pushed oil prices lower in overnight and early morning trading, but the market fell short of taking out the lows from last week. A sharp rebound occurred after Philadelphia Energy Solutions LLC announced it was filing for bankruptcy on its South ... Read More
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Oil prices experienced the largest weekly loss since October

January 22, 2018
Recap:  After reaching their highest level in over 3 years, oil prices experienced their largest weekly loss since October. Despite tightening global supplies, U.S. production continues to soar, counterbalancing output cuts by OPEC and its allies. Prices came under pressure early ... Read More
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U.S. crude oil inventories showed a decrease of 6.9 million barrels

January 19, 2018
Recap: Near record U.S. crude oil production offset the ninth straight week of declines in U.S. crude oil stocks, leaving oil prices close to unchanged. February WTI was trading at $63.47 a barrel prior to the release of the report, but jumped upon its release, which showed a dec ... Read More
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Oil prices finished higher on Wednesday

January 18, 2018
Recap: Oil prices finished higher on Wednesday, as traders await the release of the EIA report, which was delayed a day due to the U.S. Martin Luther King Jr. Day Holiday. Expectations are calling for the ninth straight week. Despite trading below its 10-day moving average, March ... Read More
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Oil prices remain caught between healthy demand, OPEC supply cuts and hefty U.S. production

January 17, 2018
Recap: Oil prices fell for the first time in 7 days, as traders took profits from the recent upswing. Prices remain caught between healthy demand, OPEC led supply cuts and hefty U.S. production. After reaching fresh highs on Monday, both WTI and Brent worked lower on Tuesday, clo ... Read More
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Russia's Foreign Minister stated that Russia will not support attempts by the US to change the Iran nuclear agreement

January 16, 2018
Recap: Please note there are no settlements for Monday, January 15th due to the Martin Luther King, Jr. holiday.  The settlements listed are for Friday, January 12th.  Fundamental News: Russia’s Foreign Minister, Sergei Lavrov, said Russia will not support attempts by the US t ... Read More
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Oil prices closed at their highest level in over 3 years

January 15, 2018
Recap: Oil prices closed at their highest level in over 3 years, gaining support from geopolitical tensions, increasing demand and declining U.S. stockpiles.  A break below $63.50 in February WTI triggered additional selling, taking this spot contract to just above $63.00. News o ... Read More
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EIA reported that crude stocks fell by 4.948 million barrels on the week

January 12, 2018
Recap: The oil market settled in positive territory for the fourth consecutive session after rallying to its highest level since December 8, 2014 on tightening global crude stocks and after OPEC members said they would continue to cut their production despite the gains in oil pri ... Read More
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Oil prices continued to move higher but were contained by the larger than expected increase in product inventories

January 11, 2018
Recap: Oil prices continued to move higher, gaining support from the 4.95 million barrel draw in U.S. crude oil inventories, but the higher move was contained by the larger than expected increase in product inventories. The sharp drop in production pushed prices to their highest ... Read More
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