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The WTI front-month contract rose 11 cents, less than 1%, last week to settle at $64.00/bbl on Thursday before markets closed for Good Friday. A surprise decline in US crude oil inventories provided price support. On Monday, April 15, WTI fell 49 cents to $63.40/bbl. The US Energy Information Administration’s monthly drilling productivity report was released, predicting an 80,000 bo/d monthly increase in oil production from the seven major US shale plays to a total of 8.46 MMbo/d...

The WTI front-month contract gained 81 cents last week to settle at $63.89/bbl on Friday, April 12. Geopolitical tensions and data showing a tightening of global oil supply moved prices higher while warnings of a global economic slowdown tempered those gains. On Monday, April 8, WTI rose $1.32 to $64.40/bbl. The US announced that it had labeled Iran’s Islamic Revolutionary Guard Corps, a branch of the country’s armed forces, a terrorist organization. This is an unprecedented move—the US...

The WTI front-month contract rose $2.94, or 4.9%, last week, settling on Friday at a 2019 high of $63.08/bbl. Tightening global oil supplies and positive economic data signaled strong demand for oil, fueling the price increase. On Monday, April 1, WTI jumped $1.45 to $61.59/bbl following positive data on industrial activity in both China and the US. China reported a rebound in manufacturing activity, which hit a six-month high in March after reaching a three-year low in February....

The WTI front-month contract rose $1.10, or 1.9%, last week to settle on Friday at $60.14/bbl. WTI not only hit a 2019 high, but broke above $60 for the first time since November of last year. In terms of major price drivers, not much has changed in the last week: OPEC cuts continue to tighten global crude supplies, and US crude inventories remain bullish, while global economic growth concerns continue to temper gains. On Monday, March 25, WTI dropped 22 cents to settle at $58.82/bbl as...

The WTI front-month contract rose 52 cents last week to settle at $59.04/bbl on Friday. Prices hit a 2019 high of $59.98/bbl on Thursday after a nearly 10 MMbbl build in US crude supplies. The contract was kept under the $60 mark following negative economic news that suggests a US and Eurozone recession may be on the way. On Monday, March 18, WTI rose 57 cents to settle at $59.09/bbl. OPEC and other major oil producers participating in the Vienna Pact cancelled an April meeting...

The WTI front-month contract rose $2.45 last week to settle at $58.52/bbl on Friday. An unexpected drop in US inventories and Saudi rhetoric on extended production cuts until year's end pushed prices higher.On Monday, March 11, WTI rose 72 cents to settle at $56.79/bbl. Saudi Arabia signaled that Vienna Pact production cuts would likely continue through the end of the year. The group had planned to meet in April, but that meeting has been cancelled as of March 18 and Saudi Energy...

WTI rose 27 cents last week to settle at $56.07/bbl. The contract has kept in a $55- $57 range for the last three weeks as recent data has not moved the needle on prices. As expected, Vienna Pact oil production cuts are being implemented, but the US and China still have no trade deal and concerns still persist over global economic growth this year. On Monday, March 4, WTI rose 79 cents to settle at $56.59/bbl. Markets were encouraged by progress in trade negotiations between the US and...

The WTI front-month contract fell $1.46, or 2.5%, last week to settle at $55.80/bbl last Friday. Negative US demand data and comments by US President Donald Trump pushed prices lower despite a very bullish inventory report and a confirmation from Saudi Arabia on its commitment to 2019 supply cuts. On Monday, Feb. 25, WTI dropped $1.78 to $55.48/bbl in the aftermath of a presidential tweet. During the morning, President Trump wrote, “Oil prices getting too high. OPEC, please relax and...

The WTI front-month contract rose $1.67, or 3%, last week to settle on Friday at a 2019 high of $57.26/bbl. Market sentiment last week was driven by US-China trade talks and further bolstered by positive indications the prior week that Vienna Pact cuts are reducing global oil supplies. On Monday, Feb. 18, markets were closed in observation of Presidents’ Day. On Tuesday, Feb. 19, WTI rose 50 cents to a three-month high of $56.09/bbl. Markets continued to focus on US-China trade talks,...

The WTI front-month contract increased $2.87, or 5.4%, last week to settle at $55.59/bbl on Friday. The contract rallied the final four days of the week to reach a nearly three-month high following encouraging supply reductions out of Vienna Pact countries.On Monday, Feb. 11, WTI dropped 31 cents to $52.41/bbl. A strengthening dollar weighed on prices, as higher dollar values make US crude cargos more expensive for foreign buyers, and the lack of a trade deal between the US and China...