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WTI drops to over three-month lows on increased supply, trades near $77.20

Western Texas Intermediate (WTI) rebounds from over three-month low, struggling around $77.20 per barrel during the Asian hours on Wednesday as US Dollar aims to recover the losses registered during the previous week. However, Crude oil prices took a dip due to indications of increased supply, with industry data revealing a substantial build in United […]

Lets Talk Commodities

Oil Number of oil rigs in the United States dropped below 500 but production stays at elevated levels. Source: Bloomberg Finance LP WTI (OIL.WTI) dropped below $80 per barrel for the first time in 2 months and is testing a support zone marked with 50% retracement of the upward move launched in May 2023. Source: […]

Natural Gas Futures: Extra losses in the pipeline

Considering advanced prints from CME Group for natural gas futures markets, open interest rose for the fourth session in a row at the beginning of the week, this time by around 24.3K contracts. In the same line, volume went up by around 180.1K contracts after three consecutive daily pullbacks. Natural Gas: Next on the downside […]

WTI consolidates around $80.70-75 area, just above its lowest level since September

West Texas Intermediate (WTI) Crude Oil prices struggle to gain any meaning on the first day of a new week and oscillate in a narrow trading band around the $80.70-$80.75 region during the Asian session. The commodity, meanwhile, remains well within the striking distance of its lowest level since August 29 touched on Friday and continues to be […]

WTI trades with a positive bias above $82.00, US NFP data looms

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.60 so far on Friday. WTI prices trade in positive territory for the second consecutive day on the risk appetite in the market and the weaker of the US Dollar (USD). At its November meeting, the Federal Open Market Committee (FOMC) decided to maintain the […]

WTI snaps the three-day losing streak, holds above $81.00 after Fed rate pause

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $81.00 so far on Thursday. WTI prices snaps the three-day losing streak after the Federal Open Market Committee (FOMC) meeting decided to pause the rate on Wednesday. However, the weaker Chinese data might dampen the oil demand outlook. As widely expected, the FOMC […]

WTI trades with modest losses below $81.00, seems vulnerable near two-month low

West Texas Intermediate (WTI) Crude Oil prices trade with a negative bias for the third successive day on Wednesday and languish near a two-month low touched the previous day. The commodity remains depressed below the $81.00/barrel mark through the Asian session and seems poised to weaken further in the wake of easing global supply concerns. Market participants seem […]

Cart of The Day (Oil)

Oil market has been rather calm this week. Crude prices dropped at the beginning of the week as Israel held off on the land invasion of Gaza Strip and there was no escalation and spillover of the Israel-Hamas war into other countries in the region.  However, as the weekend is approaching and markets will be […]

Crude Oil Futures: Further weakness on the cards

Considering advanced prints from CME Group for crude oil futures markets, open interest increased by nearly 11K contracts after three consecutive daily pullbacks. On the other hand, volume left behind two daily builds in a row and went down by around nearly 184K contracts. WTI: Immediate support remains around $82.00 WTI prices edged lower on Thursday […]

Natural Gas price flat in US, elevated in Europe, as Israel confirms ground assault

Natural Gas is soaring again as especially European gas futures are pricing in again a risk premium on the back of plans for a ground offensive becoming more concrete in Gaza. Despite several visits from a variety of world leaders asking for more time to have a human corridor, Israel has drawn up plans and […]