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A Smaller Than Expected Build in Crude Stocks and Large Draws in Product Stocks

March 7, 2024
Recap:  The crude market traded higher on Wednesday on a smaller than expected build in crude stocks and large draws in product stocks as well as remarks by U.S. Federal Reserve Chair Jerome Powell that he still expects interest rate cuts this year. The market was also well suppo ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.929 on Wednesday, March 6th

March 7, 2024
Wednesday, March 6th saw the front-month NYMEX Natural Gas Futures Contract open at $1.963, just above Tuesday’s closing price of $1.957. Reaching the intraday high of $1.972 ahead of 9:30AM, modest changes to weather forecasts overnight provided a bearish influence throughout th ... Read More

April NYMEX Natural Gas Futures Contract Closed at $1.957 on Tuesday, March 5th

March 6, 2024
Tuesday, March 5th saw the front-month NYMEX Natural Gas Futures Contract open at $1.914, nearly even to Monday’s closing price of $1.916. Trading within a tight band near $1.910 throughout the morning, markets continue to weigh the ongoing EQT production cutbacks against healthy ... Read More

China Announced an Economic Growth Target of 5% for 2024

March 6, 2024
Recap:  The oil market continued to trend lower for the second consecutive session after China’s economic growth targets provided little optimism about an immediate economic rebound. China announced an economic growth target of 5% for 2024. However economists believe it is a goal ... Read More
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An Inside Trading Day on Monday Following the Widely Expected Extension of Voluntary Output Cuts

March 5, 2024
Recap:  The oil market posted an inside trading day on Monday following the widely expected extension of voluntary output cuts through the middle of the year by OPEC+. On Sunday, OPEC+ decided to extend their voluntary oil output cuts of 2.2 million bpd into the second quarter to ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.916 on Monday, March 4th

March 5, 2024
Monday, March 4th saw the front-month NYMEX Natural Gas Futures Contract open at $1.971, fourteen cents above Friday’s closing price of $1.835. Prices were directed higher before markets opened yesterday, as U.S. natural gas product EQT announced production cuts that will last th ... Read More

April NYMEX Natural Gas Futures Contract Closed at $1.835 on Friday, March 1st

March 4, 2024
Friday, March 1st saw the front-month NYMEX Natural Gas Futures Contract open at $1.842, two cents below Thursday’s closing price of $1.860. Falling to the intraday low of $1.810 by 9:15AM, the growing storage surplus seems to be weighing on the market. Ascending to an intraday h ... Read More

The Market Awaited an OPEC+ Decision on Supply Agreements for the Second Quarter

March 4, 2024
Recap:  The oil market rallied higher on Friday and ended the week 4.55% higher as the market awaited an OPEC+ decision on supply agreements for the second quarter. Earlier in the week, OPEC+ sources stated that the producer group will consider extending voluntary oil output cuts ... Read More
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April NYMEX Natural Gas Futures Contract Closed at $1.808 on Thursday, February 29th

March 1, 2024
Thursday, February 29th saw the front-month NYMEX Natural Gas Futures Contract open at $1.856, three cents below Wednesday’s closing price of $1.885. Recording the intraday low of $1.839 within minutes of the opening bell, prices traded sideways along $1.865 leading up to the wee ... Read More

The Market Bounced Higher Ahead of the Release of U.S. Inflation Data for January

March 1, 2024
Recap:  The oil market posted an inside trading day after it posted the day’s trading range by mid-day. The market posted a low of $77.95 in overnight trading. However, the market bounced higher ahead of the release of U.S. inflation data for January. The crude market traded high ... Read More
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