Category: Highlights

The American Petroleum Institute (API) reported a surprise build this week for crude oil of 7.757 million barrels, compared to analyst predictions of a 1.367 million barrel build. U.S. crude inventories have shed some 72 million barrels since the start of 2021 and about 14 million barrels since the start of 2020. In the week prior, the API reported a build in crude oil inventories of 1.080 million barrels after analysts had predicted a draw of 1.558 million barrels. Oil prices were trading sharply up on Tuesday on a number of bullish…

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Japan’s government will continue to ask oil producers in the Middle East, including Saudi Arabia and UAE, to increase their oil output further, Koichi Hagiuda, Minister of Economy, Trade and Industry (METI) said on Tuesday. Hagiuda also said Japanese companies have not been asked to pay in rubles for their Russian natural gas transactions. “We have been working to reduce our energy intake from Russia by diversifying energy sources through re-energization and nuclear energy, diversifying supplies from resources including the Middle East,” the minister told Arab News Japan at a…

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The West Texas Intermediate Crude Oil market has fallen during the trading session to threaten the uptrend line that we have been paying so much attention to most of this year. At this point, the market is solidly below the 50 Day EMA, so therefore short-term momentum is definitely swinging to the downside. Because of this, it is very likely that the market may continue to threaten the $90 level, and a breakdown below there almost certainly would have a devastating psychological effect on the market. To the upside, we…

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to Friday. On Monday, week over week, natural gas arrivals at LNG terminals were 4% higher. The weather is expected to be much colder than average in the mid-West over the next 6-10 days and moderating over the next 8-14 days but still colder than normal. This scenario will increase heating demand. Technical AnalysisNatural gas prices broke out to fresh 13-year highs and are poised to trend higher. Target resistance is seen near the July 2008 highs at 13.68. Support is seen near the 10-day moving average at 5.93. Short-term…

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Natural gas prices hit a 13-year rising 5.5% on Monday after a 10% climb last week. Demand remains strong, but natural gas arrivals at LNG terminals were flat compared to Friday. On Monday, week over week, natural gas arrivals at LNG terminals were 4% higher. The weather is expected to be much colder than average in the mid-West over the next 6-10 days and moderating over the next 8-14 days but still colder than normal. This scenario will increase heating demand. Technical AnalysisNatural gas prices broke out to fresh 13-year…

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