WTI jumps from below the 100-EMA, and approaches $110 on OPEC+ cutting its surplus

US crude oil extends its gains to two consecutive days, though it faces solid resistance at the 50-EMA, around $110.33. OPEC+ reduced its 2022 market surplus to 1 million BPD, while Libya’s political turmoil cut production by 600K BPD. WTI Price Analysis: Despite breaking an upslope trendline, oil’s price has recovered those losses, and now … Read more

Natural Gas Futures: Rebound appears overdue

Considering preliminary readings from CME Group for natural gas futures markets, open interest extended the downtrend on Thursday, this time by around 11.3K contracts. Volume, on the other hand, remained erratic and increased by around 145.3K contracts. Natural Gas seems ready for a bounce Prices of natural gas lost further ground on Thursday and dropped … Read more

Lack of direction looks likely near term

Open interest in natural gas futures markets extended the downtrend for yet another session on Wednesday, now by around 9.3K contracts. In the same direction, volume remained choppy and dropped markedly by nearly 134K contracts. Natural Gas looks supported around $6.50 Prices of natural gas charted another inconclusive session on Wednesday against the backdrop of … Read more

Crude Oil Futures: Rebound in the offing?

Considering advanced prints from CME Group for crude oil futures markets, traders reduced their open interest positions by around 6.7K contracts on Wednesday, extending further the downtrend in place since June 7. Volume, instead, increased by around 113.2K contracts and partially reversed the previous pullback. WTI: The $100 mark should hold the downside Prices of … Read more

Reduced gas supply is an economic attack by Russia

German Economy Minister Robert Habeck said on Tuesday that the reduced gas supply had “another dimension” and that it was an economic attack by Russia against Germany, as reported by Reuters. Habeck further argued that the gas supply situation could become worse than the coronavirus pandemic. Market reaction These comments don’t seem to be having … Read more

WTI keeps losses around $115.50 on IEA’s bleak oil demand outlook

In its latest oil market report, the International Energy Agency (IEA) said that the oil demand growth is set to be slowed by higher prices and a weaker economic outlook. Additional takeaways Observed global oil inventories increased by 77 mln barrels in April following nearly two years of declines OPEC+ production could increase 2.6 mln … Read more

US President Biden asks Energy Secretary to hold emergency meeting on oil refining capacity

US President Joe Biden on Wednesday asked Energy Secretary to hold an emergency meeting on oil refining capacity. Biden, in a letter, demanded oil companies explaining why they aren’t putting more gasoline on the market, sharply escalating his rhetoric against the industry. Key quotes “At a time of war, refinery profits margins well above normal … Read more

Crude Oil Futures: Extra gains looks likely

CME Group’s flash data for crude oil futures markets saw traders add nearly 11K contracts to their open interest positions on Friday, extending the uptrend in place since May 23. Volume, instead, shrank by more than 282K contracts, leaving behind the previous daily build. WTI: Next target emerges at the 2022 high Crude oil prices … Read more