Crude Oil (WTI) – $86.92 // $0.07 // 0.08% Commentary: Crude oil is close to unchanged as prices consolidate following five straight days of gains last week. After rising 6.7% last week, prices hit a new 25-month high in overnight trade, but so far crude has been unable to decisively break the May highs near [...] [...more]
Crude Oil (WTI) – $85.26 // $0.57 // 0.67% Commentary: Crude oil decisively broke out of a recent congestion range to hit new six-month highs after a bullish inventory report and decisive action from the Federal Reserve. Prices rose $0.79, or 0.94%, to settle at $84.69. As we have stated numerous times in our daily [...] [...more]
Crude Oil (WTI) – $83.39 // $0.44 // 0.53% Commentary: Monday was a nice up day for crude oil, with the commodity rising $1.52, or 1.87%, despite fairly flat performance from U.S. equity markets. That being said, both crude and equity markets are in tight congestion bands, with neither making any substantial progress one way [...] [...more]
Crude Oil (WTI) – $81.82 // $0.39 // 0.48% Commentary: Crude oil prices are higher in overnight trade as the commodity gets a boost from strong manufacturing figures from China and a general increase in risk appetite ahead of this week’s much-anticipated Federal Reserve meeting on November 3rd. While financial market commentators remain obsessed about [...] [...more]
Crude Oil (WTI) – $82.14 // $0.41 // 0.50% Commentary: Talk about a boring day in financial markets on Tuesday. Crude oil had a daily range of 74 cents, or less than 1%, while the S&P 500 stock index fluctuated about 10 points from high to low, also less than 1%. Fitting for such a [...] [...more]
Crude Oil (WTI) – $82.46 // $0.77 // 0.94% Commentary: Crude oil is up smartly to kick off the new week, rising $0.74, or 0.91%, as the weekend G-20 meeting passed uneventfully. Traders are now intently focused on the November 3rd Federal Reserve policy meeting. Speculation abounds concerning what action the central bank is going [...] [...more]
Crude Oil (WTI) – $81.12 // $0.56 // 0.70% Crude oil shed $1.21, or 1.48%, on Thursday giving back half of the prior day’s gains. Oil seems to be gradually seesawing lower as it consolidates after a sharp rally earlier this month. There was little to drive risk sentiment on Thursday—initial jobless claims was the [...] [...more]
Crude Oil (WTI) – $82.00 // $0.23 // 0.28% Commentary: A stunning reversal had crude oil and equity markets recouping a significant portion of Wednesday’s losses. Oil ended Thursday’s session $2.28, or 2.87%, higher to settle at $81.77. The catalyst was speculation pertaining to the Fed’s anticipated monetary easing at the next meeting in November. [...] [...more]
Crude Oil (WTI) – $80.73 // $0.52 // 0.64% Commentary: Crude oil is lower in the overnight session as traders continue to take profits after a blistering run from the low-$70’s. The push-pull dynamic between a bullish global economic outlook and ample supplies continues. So far these two factors have offset each other, which has [...] [...more]
Crude Oil (WTI) – $83.75 // $0.74 // 0.89% Commentary: A surge in risk appetite sent crude oil higher on Wednesday, with the commodity adding $1.34, or 1.64%, on the session. We have been pointing out that the correlation between crude oil and equities has been extremely strong recently. Thus, when equities rose on the [...] [...more]
Crude Oil (WTI) – $82.15 // $0.48 // 0.59% Commentary: Crude oil fell $0.54, or 0.66%, or Tuesday, the second loss in as many days. Earlier in the session, equity markets were also lower as they waited for the highly-anticipated September Fed meeting minutes. After the Fed signaled that it may provide more stimulus in [...] [...more]
Crude Oil (LS Nymex) – $82.66 // $0.99 // 1.21% The sharp tumble from oil Thursday was a corrective effort following a particularly aggressive upswing. However, volatility begets volatility; and the drive to end the week would put the market back in tune with the past two week’s primary drive. Hovering just around $83, US [...] [...more]
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