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Bullish Oil Demand Growth Forecasts from the International Energy Agency

June 15, 2023
Recap:  The oil market traded mostly sideways in overnight trading before it rallied higher on bullish oil demand growth forecasts from the International Energy Agency. The IEA raised its oil demand growth forecast for this year by 200,000 bpd to 2.4 million bpd. The market exten ... Read More
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The Oil Market Posted an Inside Trading Day on Tuesday After the Market Retraced Most of its Previous Losses

June 14, 2023
Recap:   The oil market posted an inside trading day on Tuesday after the market retraced most of its previous losses, breaking a three-day slide. The market posted a low of $67.15 in overnight trading before it bounced higher after the market seemed oversold from its previous lo ... Read More
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Concerns About Demand Growth Just Ahead of the Federal Reserve's Policy Meeting on Wednesday

June 13, 2023
Recap:  The oil market sold off sharply on Monday amid some market analysis highlighting increasing global supplies and concerns about demand growth just ahead of the Federal Reserve’s policy meeting on Wednesday. This followed Friday’s inside trading session. On Sunday evening, ... Read More
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The Oil Market Posted an Inside Trading Day on Friday and Ended the Week Down More Than 2% Following Thursday's Volatile Trading Session

June 12, 2023
Recap:  The oil market posted an inside trading day on Friday and ended the week down more than 2% following Thursday's volatile trading session. The market on Thursday lost more than $3 after a report stating that U.S.-Iran nuclear deal was imminent but later retraced those loss ... Read More
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The Market Rallied to its High Early in the Morning Before it Sold Off Sharply on a Report of Progress Toward a Deal Between the U.S. and Iran

June 9, 2023
Recap:  The oil market posted an outside trading day, with the market rallying to its high early in the morning before it sold off sharply on a report of progress toward a deal between the U.S. and Iran. The market traded mostly sideways in overnight trading and breached its prev ... Read More
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The Oil Market Retraced Some of its Previous Losses on Wednesday Amid Unexpected Draws Reported in Crude Stocks

June 8, 2023
Recap:  The oil market retraced some of its previous losses on Wednesday amid unexpected draws reported in crude stocks. The crude market traded sideways in overnight trading as it traded towards the $72.00 level on the opening following the release of the API data which showed a ... Read More
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Concerns Over Global Economic Growth Outweighed Saudi Arabia's Pledge Over the Weekend to Increase its Output Cuts

June 7, 2023
Recap:   The oil market erased Monday’s gains and retraced almost 62% of its move from a recent low of $67.03 to its high of $75.06 on profit taking. Concerns over global economic growth outweighed Saudi Arabia’s pledge over the weekend to increase its output cuts by 1 million bp ... Read More
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Saudi Arabia Pledged to Cut its Production by a Further 1 Million Bpd to 9 Million Bpd Starting in July

June 6, 2023
Recap:  The oil market rallied higher on Monday after Saudi Arabia pledged to cut its production by a further 1 million bpd to 9 million bpd starting in July. The cut is in addition to the broader deal by OPEC and non-OPEC producers to limit supply into 2024. The oil market gappe ... Read More
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The Market Was Well Supported After the U.S. Senate Passed a Bill Raising the Debt Ceiling Late Thursday Night

June 5, 2023
Recap:  On Friday, the oil market extended Thursday’s 3% gain and increased by an additional 2% ahead of the weekend. The market was well supported after the U.S. Senate passed a bill raising the debt ceiling late Thursday night, averting a default, and the jobs report indicated ... Read More
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The Oil Market Was Supported by Hopes For a Pause in U.S. Interest Rate Increases

June 2, 2023
Recap:  The market retraced little more than 62% of the selloff seen over the past couple of sessions, despite the weekly petroleum stock report showing an unexpected build in crude stocks of over 4 million barrels. The oil market was supported by hopes for a pause in U.S. intere ... Read More
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