The crude oil market was somewhat quiet on Thursday, as the Americans will not have been involved. With this, the market is likely to continue to see a lot of noise, especially with the Friday session featuring the Non-Farm Payroll announcement in the United States.
Oil futures ticked higher early Thursday, steadying after setting back the previous session following data that showed a rise in product inventories that offset a fall in crude supplies.
Oil markets steady as traders weigh rising U.S. inventories against robust demand, with January crude forecasts at 101.4M bpd driven by winter needs.
Natural Gas prices drop 0.96% to $3.41 as bearish momentum dominates, with key pivot at $3.55 signaling potential reversal.
The oil market faces strong resistance, while natural gas positions for a positive move driven by robust heating demand.
Oil prices fell on Thursday, extending losses from the previous day, pressured by large builds in U.S. fuel inventories last week, though concerns over tighter supplies from OPEC members and Russia capped the decline.
Oil fell in the morning Asian session, as traders digested EIA's report on weekly U.S. supplies of crude, gasoline, and distillates.
Natural gas is moving away from session highs as traders react to the EIA report.
U.S. crude oil inventories fell for a seventh consecutive week, while product stocks saw large builds last week as refineries increased their capacity use.
The crude oil market continues to see a lot of noise as the market is in the midst of breaking higher. This is a market that in the middle of a potential trend change, as energy demand seems to be picking up, especially in America.
Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in U.S. crude stocks.
Exxon Mobil Corp.'s stock fell 0.5% early Wednesday, after the oil giant said lower oil prices and pressure on refining margins would weigh on fourth-quarter earnings.