The oil complex came charging back on Wednesday, propelled by a surge higher in equities. The DJIA gained 254.75 to finish the day at 10,269.47. [More]

Oil quotes were lower on Tuesday, as traders seemingly returned to the market’s fundamentals in the absence of any strong undercurrent of support from stock markets or currencies. The activity reinforced the argument that unchanged or lower moves in equities or the euro merely open the door for oil market fundamentals to shine through. [More]

The oil complex was lower on Monday, preventing a three-day rally from extending into a fourth day. While the fundamentals remain overwhelmingly bearish, with inventories now at three-decade highs one could easily describe as being ample to the point of being burdensome, it was not these that triggered Monday’s decline. [More]

The oil complex was higher on Thursday as traders reacted to a surprisingly large decline in initial jobless claims. After a steady diet of bearish economic news, this week’s unemployment figure was a surprising breath of fresh air. Initial jobless claims dropped by 31,000, which was the first decline seen in a month. It was also by a decent amount. This news could not prevent the DJIA from selling off below 10,000, dropping 74.25 to 9,985.81, so it was not the stock market that helped oil prices. The dollar was slightly lower yesterday, but it was hardly a major move. Nonetheless, the slightly better employment figure seems to have brought investors back into oil. [More]

The oil complex was higher on Thursday as traders reacted to a surprisingly large decline in initial jobless claims. After a steady diet of bearish economic news, this week’s unemployment figure was a surprising breath of fresh air. Initial jobless claims dropped by 31,000, which was the first decline seen in a month. It was also by a decent amount. This news could not prevent the DJIA from selling off below 10,000, dropping 74.25 to 9,985.81, so it was not the stock market that helped oil prices. The dollar was slightly lower yesterday, but it was hardly a major move. Nonetheless, the slightly better employment figure seems to have brought investors back into oil. [More]

Oil prices rallied on Wednesday despite another appalling DOE report. Crude oil stocks increased their year-on-year surplus from 10.6 million barrels (3.08%) to 14.5 million barrels (4.22%). [More]

The decline continued on Tuesday, with crude oil prices leading the complex lower. Gasoline prices were weak, and they continued their breakdown below 190.00, printing their lowest levels since July of 2009. If gasoline prices are an accurate reflection of consumer demand, then the US economy is in very poor shape. [More]

Oil prices tried to move higher on Monday, as investors were buying oil futures early Monday morning, in sympathy with stronger equities quotes on Asian exchanges. The buying never became aggressive, though, because the dollar was stronger against the euro from the start of the day. [More]

The oil complex picked up on Friday morning where it left off on Thursday afternoon – under selling pressure. And, while the discussion has turned increasingly to the record supply levels in the US, prices seem to have been tracking moves in the DJIA quite closely. For example, at 10:30 AM, crude was down 73 and the DJIA was down 78. At noon, crude was down $1.07 and the Dow was off 105 points. Some days, the relation seems to be nearly point for point. On other days, it seems to be bad on percentage changes. [More]

Oil prices were down steeply on Thursday, with the selling developing as soon as the latest unemployment figures were released. Prices had been higher in overnight trading, in response to higher equities levels in Asia, on rumors that China will introduce fresh stimulus. Traders were also looking at oversold pressures early this morning. [More]