Rising Lower 48 production pressures July natural gas futures; Fed policy impacts WTI oil prices; Brent oil prices await PCE index insights.
Rising summer demand boosts market optimism as WTI trades at $81.65, suggesting a bullish trend for oil and natural gas.
Analysts highlight the summer fuel demand surge and predictions of falling global inventories as key factors supporting crude oil gains.
WTI oil stands at $80.62, up 0.13%. Will the upward trendline sustain this bullish momentum?
Oil markets need additional positive catalysts to test new highs.
Oil markets are swinging between gains and losses as some traders are taking profits off the table near multi-week highs.
With WTI nearing $81.50, the unexpected rise in U.S. crude inventories fuels concerns about ongoing sell-off pressure in the oil market.
Oil traders take some profits off the table near multi-week highs.
Oil markets are moving higher as traders bet on strong demand.
WTI Crude Oil approaches $79.50, with an upward channel suggesting potential for continued bullish momentum and increased buying interest.
W&T briefly fell below $2 on Friday, its lowest level since November 2020. The oil prices and the company's fundamentals are significantly better now compared to the pandemic period. The selloff appears related to institutional capital outflows driven by factor rotation, not W&T's fundamentals.
Oil prices are moving higher as traders bet on strong demand for oil in the second half of the year.