A sustained and rather steep decline in the US dollar was the major influence behind higher oil prices on Thursday. Gasoline prices continued to reap the benefits of a larger-than-expected drawdown in inventories in Wednesday’s DOE statistics, but all three members of the Nymex oil complex (crude, heating and gasoline) were higher on Thursday. [More]

Crude oil and heating oil prices were lower yesterday, but gasoline prices rallied. The US dollar was higher and equities were lower, and those outside influences continued to have an influence on the prices of crude oil and refined products. [More]

The oil complex was slightly lower early on Tuesday morning, as traders and investors reacted to a slightly stronger US dollar. The dollar had weakened somewhat in trading early last night, but it found a bottom around 2 AM Tuesday morning and it kept strengthening into the afternoon. [More]

The oil complex picked up on Monday where it left off on Friday – heading higher. As we started last week’s trading, the leading technical (chart) influence had been the oil markets’ inability to break to fresh highs. But last week, the bears failed to deliver on that promise (to move quotes lower) and as last week ended, the leading chart influence was the inability of markets to decline. [More]

Oil prices rallied on Friday, after a week of extremely volatile trading. After a week of huge losses and almost equally large gains, crude oil (for December delivery) ended this week just 24 cents below last week’s settlement level on Friday. [More]

It was another peculiar day in a growing list of odd trading sessions on the Nymex. In early trading, the euro was higher, equities were higher, and yet oil prices were lower. As the day wore on, oil and commodities prices were lower and seem to have pulled the euro and stock markets lower with them. [More]

Oil prices came roaring back, which is what we have come to expect. The bears really had the bulls on the ropes on Tuesday, and a haymaker on Wednesday could have beaten the bulls decisively and sent them in a complete rout. We have discovered repeatedly this year that the bears no longer have that knock-out punch. [More]

The oil complex was slammed on Tuesday, on a day during which gold lost $38.70 an ounce, copper lost 3.73 cents a pound, the euro was hammered for more than 200 points and the DJIA lost 165 points. Silver lost more than a dollar an ounce, crude oil lost $3.50 a barrel and gasoline was down more than 10½ cents a gallon. [More]

Oil prices rebounded sharply on Monday, just as soon as we thought we had some conclusive technical indications that the oil complex might be headed lower. [More]

Oil prices rebounded sharply on Monday, just as soon as we thought we had some conclusive technical indications that the oil complex might be headed lower. [More]