Oil prices were dramatically higher on Wednesday, as traders reacted to a DOE report that showed draws in all three major inventory categories, as well as a drop in refinery utilization rates. [More]

Oil prices started out moving lower on Tuesday as international equities were weaker starting out, and as the euro started the day only steady to slightly higher against the dollar. [More]

The oil complex was mixed on Monday night, with nearby November crude futures and nearby October gasoline futures both slightly higher on the day, while the rest of the oil complex finished with losses. Even those did not make that much sense, though, as nearby heating oil futures for October delivery were down less than other months [More]

Oil prices advanced yesterday as traders reacted to the strongest euro values since April. [More]

We had a major rally in the oil complex on Thursday, as traders reacted to news that there had been a large refinery closure. [More]

Oil prices were lower again on Wednesday, with gasoline prices leading the way down. All three contract categories (crude, heating oil & gasoline) were lower on the day. [More]

The oil complex was under selling pressure from the start yesterday, dropping in trading overnight and early Tuesday morning despite stronger equities prices in Asia. [More]

Oil prices rallied on Monday as traders reacted to a US dollar that was under selling pressure for most of the day, even though it rallied later on, news of tension between China and Japan and on the strength of US equities, which were higher and implied to investors that risk trades were back as a successful mode of placing money. [More]

The oil complex ended the week with crude oil prices under selling pressure again – for a fourth consecutive trading session. For the week, crude oil prices lost $2.79 a barrel, heating oil lost 0.52 cents, gasoline coughed back 5.39 cents a gallon and natural gas was up 14.1 cents per million Btu. The Enbridge Pipeline dominated trading last week, starting with a week ago on Thursday, when the problem began. There was a leak, and that brought in buying. As the week progressed, traders seemed to have been hanging on each fresh development and, with it, each changing forecast for available supplies. [More]

The Enbridge Pipeline was given the go-ahead to restart operations on its line 6A, which will resume pumping 670,000 bpd on Friday, it was learned on Thursday. And this news brought in long liquidation and short-selling to press crude oil prices lower for a third consecutive day. This news was able to generate greater selling than the buying spurred by a higher stock market, a lower US dollar against the euro, and an unexpected decline in unemplyment levels for the latest reported week. The decline in oil prices, in the face of three bullish outside factors, was a convincing victory for fundamentals in a market that has too often ignored them recently. It may turn out to be for just one day, but it was still refreshing to see the oil complex follow real oil factors on Thursday. [More]