Author: David Cohen

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Oil rose today as the shutdown of Libya’s biggest oilfield strained an already under-supplied market, which overshadowed signals that China’s drastic pandemic lockdowns are weighing on economic growth.

Oil prices settled higher on Thursday after an early decline as investors covered short positions ahead of the long weekend and on news that the European Union might phase in a ban on Russian oil imports.

Oil prices were higher again today despite a much larger than expected crude inventory build. The market has been volatile lately with 3%-4%+ swings in either direction.

Oil prices rallied today, after coming off in yesterday’s session as the supply side was the determining factor again today. Shanghai lockdowns have started to ease, as certain districts have been opening up after no new cases for 14 days.

Oil prices fell sharply today as large oil consuming nations said they would release oil from their reserves. IEA member nations agreed to release 120MM/bbls from their strategic reserves, which will include 60MM/bbls from the US.

Oil prices eased again today in another volatile session, under pressure from a new reported strain of Coronavirus and a strengthening USD.

Oil prices were stronger today as mounting civilian deaths in Ukraine is putting more pressure on European nations to impose more sanctions on Russia.

Oil prices came off significantly today as the Biden administration announced a massive release of strategic petroleum reserves at a time the SPR is at the lowest in years.