Petroleum Daily Report 7-19-2023

Oil futures reversed course and closed lower despite early gains on Wednesday after official U.S. data provided by The Energy Information Administration (EIA) showed that domestic commercial crude supplies fell significantly less than the market expected last week. Brent futures took a slight hit, sliding by 17 cents to reach $79.46 per barrel while U.S. […]

Petroleum Daily Report 7-18-2023

Oil prices regained most of yesterday’s losses amidst a pledge from the Chinese government to bolster consumption and recent U.S. data that suggests inflation has begun to consistently decelerate. Brent futures settled at $79.63/barrel, up 1.4%, and WTI crude closed at $75.75, up 2.2%. Brent’s premium over WTI fell to its lowest since May. The […]

Petroleum Daily Report 7-17-2023

Oil prices fell over 1.5% due to Chinese economic growth data coming in below expectations, raising concerns about oil demand and the Chinese economy as a whole. As doubts emerged about inflated demand, the pace of hedge fund buying slowed down. Brent crude settled at $78.50/barrel, down 1.7%, and U.S. West Texas Intermediate crude closed […]

Petroleum Daily Report 7-14-2023

Oil prices experienced a decline of more than a dollar per barrel on Friday due to a strengthening dollar and profit-taking by traders following a strong rally. Brent crude futures settled at $79.87 per barrel, down 1.8%, while U.S. West Texas Intermediate crude futures fell 1.9% to $75.42 a barrel. The strengthening of the U.S. […]

Petroleum Daily Report 7-13-2023

Oil prices jumped over 1% on Thursday, hitting their highest level in almost three months. This surge came after U.S. inflation data hinted that interest rates were nearing their peak. Brent crude futures soared by $1.25 to settle at $81.36 per barrel, the highest since April 25. Similarly, U.S. West Texas Intermediate crude futures climbed […]

Petroleum Daily Report 7-12-2023

Today, oil prices settled higher as Brent futures surpassed the $80 per barrel threshold for the first time since May. Brent settled higher by 71 cents, or 0.9%, reaching $80.11 per barrel, while U.S. West Texas Intermediate (WTI) crude settled with a gain of 92 cents, or 1.2%, at $75.75 per barrel. The surge in […]

Petroleum Daily Report 7-11-2023

Oil settled at 10-week high today on a weaker U.S. dollar, rising demand forecasts and production cuts.  U.S. West Texas Intermediate (WTI) crude rose $1.84 per barrel, or 2.5% per cent, to settle at $74.83 per barrel. Brent futures rose US$1.71 per barrel, or 2.2%, to settle at US$79.40 per barrel.  Brent’s settlement was its […]

Petroleum Daily Report 7-10-2023

Oil prices experienced a slight decline today due to weak economic data from China and mounting concerns about global demand. Both WTI and Brent crude saw a minor drop, with WTI trading down $0.87 or 1.18% to close at $72.99 and Brent trading down $0.78 or 0.99% to close at $77.69. The weak economic data […]

Petroleum Daily Report 7-7-2023

Oil prices climbed about 3% to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Both contracts closed at their highest prices since May. “We’re knocking on the door of a major breakout to the upside. I […]

Petroleum Daily Report 7-6-2023

Oil prices were flat today as the market balanced tighter supplies with higher likelihood of a US interest rate hike. Minutes released on Wednesday showed that a united U.S. central bank agreed to hold rates steady at its June meeting to buy time and assess the need for further hikes, though most attendees expected they […]