{"id":11365,"date":"2023-05-20T09:22:07","date_gmt":"2023-05-20T13:22:07","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-end-lower-natural-gas-futures-climb-nearly-10\/"},"modified":"2023-05-20T09:22:08","modified_gmt":"2023-05-20T13:22:08","slug":"oil-prices-end-lower-natural-gas-futures-climb-nearly-10","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11365","title":{"rendered":"Oil prices end lower; natural-gas futures climb nearly 10%"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002070526\" role=\"document\">\n<p>Oil futures ended lower Thursday, losing around half what they gained a day earlier, as investors kept tabs on debt-ceiling negotiations.<\/p>\n<p>Natural-gas futures, meanwhile, rallied by nearly 10% after U.S. government data showed a smaller-than-expected weekly rise in supplies of the fuel and as traders fretted over supply prospects.  <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for June delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.06%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.26%<\/bg-quote><\/p>\n<p>        CLM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724952\/delayed\" class=\"negative\">-0.26%<\/bg-quote><br \/>\n       fell 97 cents, or 1.3%, to settle at $71.86 a barrel on the New York Mercantile Exchange following a gain of 2.8% Wednesday.<\/p>\n<\/li>\n<li>\n      July Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.01%<\/bg-quote><\/p>\n<p>        BRNN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705271\/delayed\" class=\"positive\">+0.01%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, $1.10, or 1.4%, at $75.86 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      Back on Nymex, June gasoline<br \/>\n        RBM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376517\/delayed\" class=\"positive\">+0.46%<\/bg-quote><br \/>\n       edged down by less than 0.1% to $2.57 a gallon, while June heating oil<br \/>\n        HOM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376436\/delayed\" class=\"negative\">-1.50%<\/bg-quote><br \/>\n       shed 0.8% to $2.40 a gallon.<\/p>\n<\/li>\n<li>\n      June natural gas<br \/>\n        NGM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190794\/delayed\" class=\"positive\">+0.04%<\/bg-quote><br \/>\n       gained 9.6% to $2.59 per million British thermal units, with front-month prices settling at their highest since March 13, according to Dow Jones Market Data.<\/p>\n<\/li>\n<\/ul>\n<h2>Oil market drivers<\/h2>\n<p>Oil traders on Thursday showed a \u201cmore cautious approach, particularly with regards to the outcome of the debt ceiling negotiations,\u201d following gains for oil prices on Wednesday, said Ricardo Evangelista, senior analyst at ActivTrades, <\/p>\n<p>Crude-oil futures had found support Wednesday after upbeat comments by President Joe Biden and House Speaker Kevin McCarthy on talks toward lifting the U.S. debt ceiling and averting a potentially catastrophic default by the federal government. <\/p>\n<p><strong>See: <\/strong>\u2018Doomsday machine\u2019: Here\u2019s what could happen if the debt ceiling is breached<\/p>\n<p>Talks have yet to produce a breakthrough, however. \u201cDespite the recent positive vibes from leading figures on both sides, nothing has yet been agreed, with the doom scenario of no deal still hanging over the U.S. and global economies,\u201d said Evangelista, in markets commentary.<\/p>\n<p>The House of Representatives could vote on a debt-ceiling deal as soon as next week, Speaker Kevin McCarthy said on Thursday. The California Republican said he thinks an eventual bill to raise the borrowing limit needs to be on the House floor next week, and that he can \u201csee the path,\u201d according to <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/JakeSherman\/status\/1659201471882346496?s=20\" target=\"_blank\" class=\"icon none\">a Punchbowl News reporter\u2019s tweet<\/a>.<\/p>\n<p><strong>Need to Know: <\/strong>Debt ceiling is a buy-the-rumor but sell-the-news event, cautions this strategist<\/p>\n<p>It\u2019s become apparent in recent months that trends in the price of crude oil are being driven \u201cmore by concerns about demand rather than concerns about supply in the marketplace,\u201d Colin Cieszynski, chief market strategist at SIA Wealth Management, told MarketWatch. <\/p>\n<p>\u201cIn recent days, concerns about banks have been replaced by concerns about the debt ceiling,\u201d he said. \u201cJust as progress toward a deal to avoid a U.S. debt default has shored up support for equities, it appears to be providing some support to crude oil as well.\u201d<\/p>\n<h2>Natural-gas price rally<\/h2>\n<p>Natural-gas futures, meanwhile finished sharply higher Thursday after the U.S. Energy Information Administration reported a smaller-than-expected weekly rise in domestic natural-gas supplies. <\/p>\n<p>Inventories of the fuel in storage climbed by 99 billion cubic feet for the week ended May 12, the EIA said. Analysts called for a storage increase of 106 billion cubic feet on average, according to a survey conducted by S&amp;P Global Commodity Insights.<\/p>\n<p>\u201cThis might be called the \u2018white flag\u2019 natural gas report as it signals a surrender and retreat from U.S. gas producers, but also it reflects shut production from the Alberta [Canada]  wildfires,\u201d said Phil Flynn, senior market analyst at The Price Futures Group.<\/p>\n<p>Baker Hughes<br \/>\n        BKR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205323712\/composite\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       reported on May 12that the number of active U.S. rigs drilling for natural gas saw a weekly drop of 16 to 141 rigs, implying a slowdown in future natural-gas production. <\/p>\n<\/p><\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-steady-after-rising-to-1-week-high-fe3b4b4?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended lower Thursday, losing around half what they gained a day earlier, as investors kept tabs on debt-ceiling negotiations. Natural-gas futures, meanwhile, rallied by nearly 10% after U.S. government data showed a smaller-than-expected weekly rise in supplies of the fuel and as traders fretted over supply prospects. Price action West Texas Intermediate crude [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-11365","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices end lower; natural-gas futures climb nearly 10% | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures ended lower Thursday, losing around half what they gained a day earlier, as investors kept tabs on debt-ceiling negotiations. 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