COVID-19 Response
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Data showed an unexpected 2.1 million barrel build in U.S. crude oil inventories

July 22, 2021
Recap: Oil futures jumped on Wednesday despite data showing an unexpected 2.1 million barrel build in U.S. crude oil inventories, which broke an eight week streak of declines. The driver behind the increase in stockpiles was a surge in imports, which reached their highest in a ye ... Read More
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Oil futures bounced back on Tuesday

July 21, 2021
Recap: Perhaps a little bit overdone to the downside, oil futures bounced back on Tuesday, erasing some of the panic selling seen on Monday after OPEC+ agreed to boost supplies, and as concern over the surging delta coronavirus variant increased. Despite today's modest bounce, oi ... Read More
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OPEC and its allies agreed to increase monthly output by 400,000 barrels per day

July 20, 2021
Recap: Oil futures plummeted more than 8% on Monday as OPEC and its allies agreed to increase monthly output by 400,000 barrels per day, while the spread of the delta variant prompted traders to unload risk. A rise in the U.S. dollar also added to the pressure. While oil supply i ... Read More
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Oil futures suffered their worst weekly loss since March

July 19, 2021
Recap: Oil futures experienced a double blow this week, suffering their worst weekly loss since March, pressured by the possibility of additional OPEC supplies coming to the market and unfavorable fuel inventory data in the U.S.  The United Arab Emirates and Saudi Arabia reported ... Read More
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Crude oil futures fell for the second straight session

July 16, 2021
Recap:  Crude oil futures fell for the second straight session, pressured by strength in the dollar, weak demand for gasoline in the U.S. and the prospect of additional supplies from the OPEC+ group after Saudi Arabia and the United Arab Emirates reached an agreement on their dis ... Read More
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The EIA report showed that domestic crude supplies fell for an 8th week in a row

July 15, 2021
Recap: Oil futures reversed early gains on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates reached a compromise over a global supply deal that will allow the UAE to boost its output and following the EIA report, which reflected a decline in U.S. ga ... Read More
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The IEA warned that deadlock in the OPEC+ alliance may cause global markets to “tighten significantly”

July 14, 2021
Recap: Oil futures turned higher on Tuesday, as tight supplies and expectations for another draw in U.S. and global crude oil inventories provided support. Gains were originally kept at bay, as U.S. inflation data for June showed U.S. consumer prices increased by the most in 13 y ... Read More
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Concerns about slowing global growth outweighed the prospect of tightening supply

July 13, 2021
Recap: Oil futures turned lower on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months became gridlocked, amid renewed worries over another potential surge in COVID-19 infecti ... Read More
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Investors are weighing in on the historic drop in U.S. inventories

July 12, 2021
Recap: Oil futures rose for a second day on Friday as the market continued to react to the latest U.S. inventory report, while signs of strong Asian demand from both China and India added to the market’s strength. Investors are weighing in on the historic drop in U.S. inventories ... Read More
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The EIA reported a 6.9 million barrel draw in U.S. crude oil inventories

July 9, 2021
Recap: Crude oil futures climbed throughout the session, stretching beyond the settlement price in late afternoon trading, after the Energy Information Administration reported a 6.9 million barrel draw in U.S. crude oil inventories, marking the seventh straight week of declines. ... Read More
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