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The Market Focused on Uncertainty Over a Potential Gaza Ceasefire and Expectations That OPEC+ Will Extend Voluntary Supply Cuts

February 28, 2024
Recap:  The crude market on Tuesday traded higher as the market focused on uncertainty over a potential Gaza ceasefire and expectations that OPEC+ will extend voluntary supply cuts in March. Israel, Hamas and Qatari mediators remained cautious about the progress towards a truce i ... Read More
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The Oil Market on Monday Rallied Higher as Houthi Rebel Attacks Increased Concerns of Disruptions to Supply

February 27, 2024
Recap:  The oil market on Monday rallied higher as Houthi rebel attacks increased concerns of disruptions to supply. The U.S. Central Command said Houthi rebels in Yemen narrowly missed hitting a U.S.-flagged tanker on Saturday. The Houthi fired a missile that likely targeted the ... Read More
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Oil Market Falls as Fed's Rate Cut Delay and Geopolitical Tensions Fuel Uncertainty

February 26, 2024
Recap: On Friday, the oil market erased Thursday’s gains and posted a weekly decline of 2.51% after Federal Reserve officials continued to push back against a near-term start to interest rate cuts. On Thursday evening, Fed Governor Christopher Waller said U.S. Federal Reserve pol ... Read More
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The Market Continued to Trend Higher on News of a Missile Attack on a Cargo Ship

February 23, 2024
Recap:  The oil market rallied higher on Thursday on continued tensions in the Middle East. In overnight trading, the market continued to trend higher on news of a missile attack on a cargo ship off the southern coast of Yemen that prompted U.S.-led naval forces to respond. The m ... Read More
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The Crude Market Rallied Higher Ahead of the Release of the Federal Reserve's Last Meeting in February

February 22, 2024
Recap:  The oil market traded higher as the market remained well supported by the continuing geopolitical tensions in the Middle East. The market traded lower in overnight trading, posting a low of $76.32 as the market was weighed by the uncertain outlook for global demand. Howev ... Read More
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The Market Weighed an Uncertain Outlook For Global Demand Against the Risk Premium From the Continuing Israeli-Hamas Conflict

February 21, 2024
Recap:  The March WTI contract posted an outside trading day on Tuesday morning, ahead of its expiration at the close, as the market weighed an uncertain outlook for global demand against the risk premium from the continuing Israeli-Hamas conflict. During Monday’s shortened tradi ... Read More
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The Oil Market on Friday Continued on its Upward Trend as Geopolitical Tensions in the Middle East Outweighed the IEA’s Forecast

February 20, 2024
Recap: The oil market on Friday continued on its upward trend as geopolitical tensions in the Middle East outweighed the IEA’s forecast released on Thursday showing slowing demand. Gaza’s largest functioning hospital was under siege in Israel’s war with Islamist group Hamas, as w ... Read More
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The Oil Market Rebounded From its Earlier Losses and Ended the Session Higher on the Back of a Weaker Dollar

February 16, 2024
Recap:  On Thursday, the oil market rebounded from earlier losses and ended the session higher on the back of a weak dollar. The market traded lower in overnight trading as it remained pressured following the larger than expected build of over 12 million barrels reported in U.S. ... Read More
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Increasing U.S. Inventories Weighed on Market Sentiment

February 15, 2024
Recap:  The oil market posted an inside trading day on Wednesday as it held on to Tuesday's gains on a strong demand growth forecast from OPEC and later sold off as increasing U.S. crude inventories weighed on market sentiment. The oil market traded mostly sideways and rallied hi ... Read More
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The Oil Market Continued to Trend Higher Amid the Continuing Conflict in the Middle East

February 14, 2024
Recap:  The oil market continued to trend higher amid the continuing conflict in the Middle East. The market was further supported as OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025 and increased its economic growth forecasts for both ... Read More
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