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There was a surprise 5.9 million barrel build in US crude oil inventories

June 21, 2018
Recap: It was another wild ride for crude oil prices, as they reacted to an array of factors, among which were the surprise 5.9 million barrel build in U.S. crude oil inventories and a jump in refinery runs, which reached 17.7 million barrel per day, just shy of the all-time reco ... Read More
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Oil prices settled down as OPEC and non-OPEC members discuss increasing output

June 20, 2018
Recap:  Oil prices opened the session trading at unchanged to slightly higher; however, the inability to break above Monday’s high sparked light technical selling, which became exacerbated by trade tensions between China and the U.S. and the possibility that OPEC and non-OPEC mem ... Read More
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Oil prices dropped as traders weigh in on tariffs on U.S. products by China

June 19, 2018
Recap:  Trading was volatile on Monday, with oil prices slipping early in the session. July WTI fell as much as 2.3%, to a session low of $63.59 a barrel, while August Brent tumbled 1.3%, to $72.44 a barrel. The drop in prices came as traders weighed in on the imposition of tarif ... Read More
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Oil prices fell for fourth straight week

June 18, 2018
Recap:  Oil prices slipped for the fourth straight week, after reaching 3-1/2 year highs in May. Both Brent and WTI opened the session trading above unchanged, but the lack of follow through to the upside put prices into a downward spiral. The down move accelerated in August Bren ... Read More
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US production reached a weekly record of 10.9 million barrels per day

June 15, 2018
Recap: Oil prices were mixed on Thursday, with Brent being weighed down by the prospect key OPEC members and nonmembers would agree to boost output at the upcoming June 22 meeting, and WTI holding onto gains due to Wednesday’s bullish EIA numbers. After an overnight stint of side ... Read More
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The EIA report showed a 4.1 million draw in US crude oil inventories

June 14, 2018
Recap: Oil prices were mixed right out of the gate, with Brent posting early gains, while WTI remained below unchanged. This scenario lasted up until the release of the EIA report, which showed a 4.1 million barrel draw in U.S. crude oil inventories. Expectations were calling for ... Read More
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OPEC's monthly report revealed higher production from its members

June 13, 2018
Recap: Oil prices traded below unchanged in predawn trading, reversing overnight gains. However, losses were short lived, with July WTI reverting back to the upside. After bottoming the session at $65.87, this spot contract worked its way back to $66.70, a fresh high for the day. ... Read More
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Traders reacted to the rising production out of Saudi Arabia and Russia

June 12, 2018
Recap: The oil market posted an outside trading day as it moved between gains and losses on production uncertainty ahead of OPEC’s upcoming meeting on June 22nd.  The market opened 18 cents lower at $65.56 and sold off to a low of $64.85 early in the morning as traders reacted to ... Read More
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Oil prices reversed early gains on Friday

June 11, 2018
Recap: Oil prices reversed early gains on Friday after JPMorgan lowered its 2018 price forecast by $3 to $62.20 a barrel. This combined with sluggish Chinese demand and increasing U.S. output pushed July WTI below key support at $65.50 but, traders prepping themselves ahead of th ... Read More
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Prices rose due to increasing concern over falling Venezuelan exports

June 8, 2018
Recap: WTI rose from its lowest level in a month, shrugging off Wednesday’s EIA report, which reflected a 2.07 build in U.S. crude oil inventories. Prices rose on increasing concern over falling Venezuelan exports and pending US sanctions on Iran. After pivoting around $65.00 a b ... Read More
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