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Potential Russian Agreement with OPEC+ to Extend Current Production Cuts into October

September 1, 2023
Recap: The NYMEX October WTI contract continued to surge higher today, settling up for the seventh consecutive trading session and recording its highest settlement since August 9th as it settled at $83.63, up $2.00 per barrel.  The news of the potential Russian agreement with OPE ... Read More
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The Oil Market Continued to Trend Higher on Wednesday in Light of the Weekly Petroleum Stocks Report Showing Larger Than Expected Draws in Oil Stocks

August 31, 2023
Recap:  The oil market continued to trend higher on Wednesday in light of the weekly petroleum stocks report showing larger than expected draws in oil stocks. This followed the market’s outside trading day on Tuesday when the market traded higher on hopes that the Federal Reserve ... Read More
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The Market's Concern Over the Possibility of Another U.S. Interest Rate Increase Was Offset by Supply Concerns Due to Hurricane Idalia Moving Into the U.S. Gulf Coast

August 30, 2023
Recap:  The oil market posted an outside trading day on Tuesday as the market’s concern over the possibility of another U.S. interest rate increase was offset by supply concerns due to Hurricane Idalia moving into the U.S. Gulf Coast towards Florida.  The oil market attempted to ... Read More
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The Oil Market on Monday Breached its Downward Trend Channel and Traded Higher After China Announced Further Measures to Support its Economy

August 29, 2023
Recap:  The oil market on Monday breached its downward trend channel and traded higher after China announced further measures to support its economy. China cut its stamp duty on stock trading in its latest attempt to support struggling markets. The market was also supported by Tr ... Read More
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The Market Awaited a Speech by Fed Chairman Jerome Powell at the Jackson Hole Symposium for Hints on the Outlook for Interest Rates

August 28, 2023
Recap:  The oil market traded higher on Friday as the market awaited a speech by Fed Chairman Jerome Powell at the Jackson Hole Symposium for hints on the outlook for interest rates. The market opened at its low of $78.85 and began its upward trend for the day. The market breache ... Read More
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The Oil Market Ended its Streak of Losses With a Small Gain of 0.2%

August 25, 2023
Recap:  The oil market ended its streak of losses with a small gain of 0.2% but was still more than 2% lower for the week, as it remained under pressure from weak economic data from major economies released on Wednesday and ahead of a speech from U.S. Federal Reserve Chairman Jer ... Read More
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U.S. Business Activity Approached the Stagnation Point in August With Growth at its Weakest Level Since February

August 24, 2023
Recap:  The oil market sold off for the third consecutive day on Wednesday as a decline in euro zone business activity deepened more than expected in August and U.S. business activity approached the stagnation point in August, with growth at its weakest level since February. This ... Read More
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The Market Remained Focused on the Expectation that China's Sluggish Economic Activity Will Impact Oil Demand

August 23, 2023
Recap:   The oil market on Tuesday fell as the market remained focused on the expectation that China’s sluggish economic activity will impact oil demand. The Also, U.S. central bank officials not ruling out further interest rate increases to curb inflation has been increasing dem ... Read More
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There Was Not Any Near Term Storm Threat to Offshore Oil Production in the Gulf of Mexico

August 22, 2023
Recap:  The oil market was basically on a roller coaster today as it spent time in both positive and negative territory, but at the end of the day it finished in negative territory, with the September WTI contract finishing down 53 cents at $80.72. It appeared the selloff in the ... Read More
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Concerns over China's Economy Offset Any Signs of Tight Supply

August 21, 2023
Recap:  The oil market settled higher on the day but fell 2% on the week following seven weeks of gains as concerns over China’s economy offset any signs of tight supply. The market’s seven week rally was the longest streak this year for both WTI and Brent, with WTI increasing by ... Read More
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