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The WTI front-month contract fell $2.54, or 4.6%, last week to settle at $52.72/bbl on Friday. Concerns of a global economic slowdown weighed heavily on prices. On Monday, Feb. 4, WTI fell 70 cents to $54.56/bbl. The decline was led by traders’ profit taking after a strong rise in prices during January. A strengthening dollar also weighed on prices, as higher dollar values make US crude cargos more expensive for foreign buyers. “Last week was a big week [WTI rose $1.57/bbl, or ~3%], so...

The WTI front-month contract rose $1.57 last week to settle on Friday at a 2019 high of $55.26/bbl. Prices were buoyed by sanctions on major US crude supplier Venezuela, a surprise drop in inventories, including motor gasoline, and a nearly 1 MMbo/d reduction in OPEC output in January. On Monday, Jan. 28, WTI fell $1.70 to $51.99/bbl. Global economic anxieties weighed down on oil prices that had risen 15% this year. Much of the concern is focused on China, where the economy grew at a...

The WTI front-month contract fell 11 cents last week to settle at $53.69/bbl on Friday. Growing US stockpiles and fears of lower global economic growth continue to temper prices. The longest government shutdown in US history also weighed on WTI, but turmoil in Venezuela boosted the contract at the end of the week.Markets were closed in the US on Monday, Jan. 21 in observance of Martin Luther King Jr. Day. On Tuesday, Jan. 22, WTI settled  down  $1.23  to ...

The WTI front-month contract rose $2.21, or 4.3%, last week to settle at a two-month high of $53.80/bbl on Friday. The market was encouraged by signs that OPEC output is declining and US/China trade tensions may be easing. Fears of a global economic slowdown are still tempering prices, as are growing US petroleum inventories. On Monday, Jan. 14, WTI started the week by falling $1.08 to $50.51/bbl on negative Chinese economic data. Unexpected declines in Chinese imports and exports...

The WTI front-month contract rose $3.63/bbl, or 7.6%, last week to settle on Friday at $51.59/bbl. The contract crossed back into the $50s as sentiment improved across the board. The prior week, Federal Reserve Chairman Jerome Powell said the bank was taking a wait-and-see approach to interest rate hikes in 2019, with no pre-set increase on the board. This led to a bit of economic optimism that was carried into last week. Positive trade talks between the US and China and clear signs that OPEC...

The WTI front-month contract rose $2.63, or 5.8%, last week to settle on Friday, Jan. 4, at $47.96/bbl. The contract gained ground five sessions in a row to start 2019 on a positive note. Both the commodity and equity markets benefited from improving economic sentiment in the first days of the year. However, there is still great uncertainty about the US and global economy going forward. On Monday, Dec. 31, WTI rose 8 cents to finish 2018 at $45.41/bbl, down 25% YOY from $60.42 at YE17...

The WTI front-month contract fell 26 cents, or less than 1%, last week to settle at $45.33/ bbl on Friday, Dec. 28. Volatility in equities markets took oil with it as the market pondered a possible US recession, lower global economic growth and potential crude oversupply. On Monday, Dec. 24, WTI plummeted $3.06 to $42.53/bbl, an 18-month low and down 44% since October. Christmas Eve was a horrible day throughout US markets with the S&P 500 dropping 2.71% (66 points), the Dow Jones...

The WTI front-month contact fell $1.41/bbl, or 2.7%, last week to settle at $51.20/bbl. The market remained volatile as it weighed lower global economic growth and growing US production against upcoming Vienna Pact production cuts. On Monday, Dec. 10, WTI fell $1.61 to settle at $51.00/bbl, immediately wiping out most of the prior week’s 3.3% gain. Prices had surged the prior Friday following a Vienna Pact decision to collectively cut 1.2 MMbo/d for six months, but some analysts don’t believe...

The WTI front-month contract rose $1.68, or 3.3%, last week to settle at $52.61/ bbl. Trading was volatile as OPEC and Russian officials sent mixed signals concerning possible supply cuts. It took until Friday to reach a formal agreement, but the Vienna Pact will cut 1.2 MMbo/d to stabilize and boost global oil prices and fend off another supply glut. Meanwhile, the market is weighed down by fear of a renewed US-China trade dispute that would hurt global economic growth and oil demand....

On Monday, Dec. 3, positive events over the weekend sent crude prices up $2.02 to $52.95/bbl. First, trade tensions between the US and China relaxed as the US said it would not impose tariffs on $200 billion in Chinese goods. Instead, the two parties agreed to further talks and will delay additional tariffs during the negotiation period. Second, Putin said Saturday night that his country and Saudi Arabia had agreed to extend their tandem reduction of oil volumes into 2019. No decisions have...