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Oil futures reversed early losses on Tuesday

June 9, 2021
Recap: Oil futures reversed early losses on Tuesday after the EIA, in its monthly report, lifted its forecast for WTI and Brent prices for this year and as traders remain optimistic that demand will increase as the global effort to reopen after shutting down due to Covid-19. July ... Read More
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Oil futures pulled back from two-year highs on Monday

June 8, 2021
Recap: Oil futures pulled back from two-year highs on Monday, pressured by the prospect of higher Iranian exports and lower Chinese demand. However, increased demand expectations for both Europe and the U.S. placed a floor under the market, as these locations commence the reopeni ... Read More
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Oil futures extended gains on Friday

June 7, 2021
Recap: Oil futures extended gains on Friday, as optimistic expectations for crude demand help set prices up for a weekly gain of around 5%. OPEC+ supply discipline and recovering demand countered concerns about a patchy COVID-19 vaccination rollout around the globe. Adding to the ... Read More
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Commodity prices fell as the U.S. jobs report numbers exceeded estimates

June 4, 2021
Recap:  Commodities prices dropped across the board on Thursday, as investors considered the impact the recent U.S. jobs report would have on the Fed’s policy and inflation. Businesses added 978,000 jobs in May, exceeding the estimate of 650,000, while jobless claims fell below 4 ... Read More
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Oil futures extended their gains on Wednesday

June 3, 2021
Recap: Oil futures extended their gains on Wednesday, supported by the OPEC+ decision to stick to its plan to gradually restore supply to the market, as nuclear talks between the U.S. and Iran appear to be slowing. A reported fire at an Iranian refinery added to the upside moment ... Read More
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Brent hit its highest level since March

June 2, 2021
Recap: Oil futures jumped on Monday, with WTI hitting a two-year high, as OPEC+ reconfirmed a gradual increase in production, sticking to the plan agreed upon in April, whereby 2.1 million barrels per day of supply would be brought back to the market between May and July. Brent h ... Read More
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WTI rose to its highest level since March 8

June 1, 2021
Recap: Oil futures swung from gentle losses to gentle gains on Friday, struggling for direction, supported by firm demand, with OPEC+ appearing to have global supply under control despite worries about Iranian supply and Asian COVID-10 case spikes. WTI rose to its highest level s ... Read More
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U.S. crude futures have been stuck in a $10 trading range since March

May 28, 2021
Recap: Oil prices reversed early losses on Thursday, supported by strong U.S. economic data that waylaid trader’s concerns about the potential for a rise in Iranian supplies. A rise in equities also lent support, while the dollar hovered around the unchanged level. U.S. crude fut ... Read More
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The EIA reported 1.7 million barrel draw in U.S. crude oil inventories

May 27, 2021
Recap: Oil futures pared early losses on Wednesday after the EIA reported 1.7 million barrel draw in U.S. crude oil inventories. Although the decline was a minor one, U.S. crude oil stockpiles stand at 484.3 million barrels, which is below the five-year seasonal average and the s ... Read More
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Oil futures were slightly higher on Tuesday

May 26, 2021
Recap: Oil futures were slightly higher on Tuesday as we approach the U.S. Memorial Day Holiday weekend when demand for gasoline typically picks up. Prices also gained as the U.S. dollar declined to a 19-week low versus a basket of currencies as inflation worries recede. However, ... Read More
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