{"id":11609,"date":"2023-05-21T03:54:29","date_gmt":"2023-05-21T07:54:29","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-settle-lower-but-notch-first-weekly-gain-in-a-month\/"},"modified":"2023-05-21T03:54:30","modified_gmt":"2023-05-21T07:54:30","slug":"oil-prices-settle-lower-but-notch-first-weekly-gain-in-a-month","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11609","title":{"rendered":"Oil prices settle lower, but notch first weekly gain in a month"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002076587\" role=\"document\">\n<p>Oil futures settled a bit lower on Friday, with prices for U.S. and global benchmark crude posting their first weekly gain in five weeks, as traders continued to monitor U.S. debt-ceiling talks as well as prospects for demand from China.    <\/p>\n<p>Natural-gas futures, meanwhile, ended sharply higher for the week, with analysts attributing the rise to a smaller-than-expected weekly rise in U.S. supplies and signs of a slowdown in domestic production. <\/p>\n<div class=\"paywall\">\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for June delivery\u00a0<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.29%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.17%<\/bg-quote><\/p>\n<p>        CLM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724952\/delayed\" class=\"positive\">+0.17%<\/bg-quote><br \/>\n       declined by 31 cents, or 0.4%, to $71.55 per barrel on the New York Mercantile Exchange ahead of the contract\u2019s expiration at the end of Monday\u2019s session. Prices for the front-month contract rose  2.2% for the week after four consecutive weekly declines, according to Dow Jones Market Data.<\/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,\u00a0lost 28 cents, or 0.4%, to $75.58 per barrel on ICE Futures Europe, for a weekly climb of 1.9%.<\/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\">+0.15%<\/bg-quote><br \/>\n       rose by 0.3% to $2.58 per gallon, adding 6% for the week, while June heating oil<br \/>\n        HOM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376436\/delayed\" class=\"positive\">+0.19%<\/bg-quote><br \/>\n       settled at $2.36 a gallon, down 1.7% for the session, but up 2.5% for the week. <\/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\">+0.31%<\/bg-quote><br \/>\n      \u00a0lost 0.3% to $2.59 per million British thermal units, with prices 14.1% higher than the week-ago settlement.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cOil benchmarks enjoyed a risk-on lift this week from optimism that the U.S. will indeed avoid a default,\u201d Han Tan, chief market analyst at Exinity Group, told MarketWatch Friday. That has set WTI up for its first weekly gain since mid-April. <\/p>\n<p>Still, \u201coil bulls still have much to do to restore WTI back to the $80 [a barrel] handle, with prices still weighed down by persistent demand-side fears,\u201d said Tan. \u201cOil\u2019s upside is likely to remain capped until markets can put to bed the angst surrounding the looming recession, especially if the Chinese economy can offer evidence of a broader and more resilient recovery.\u201d<\/p>\n<p>U.S. debt-ceiling negotiations in Congress have also been in focus as traders wait to see how the impasse will be resolved. <\/p>\n<p>Debt-ceiling discussions have \u201cprogressed in the right direction,\u201d StoneX\u2019s Kansas City energy team, led by Alex Hodes, wrote in Friday\u2019s newsletter.  <\/p>\n<p>\u201cInvestors have seemed shy of this market with the risk of both the U.S. debt default and the Federal Reserve adding higher probability of another round of interest rate hikes,\u201d they said.  <\/p>\n<p>Dallas Fed President Lorie Logan said Thursday that she\u2019s concerned about whether inflation is falling fast enough and that the economic data don\u2019t yet support a pause in interest-rate hikes. <\/p>\n<p>Fed Chair Jerome Powell on Friday said economic data have continued to support the Fed Open Market Committee\u2019s view that bringing inflation down will take some time. He also confirmed that the central bank has not already decided what to do in June. <\/p>\n<p>On Friday, Republican Rep. Garret Graves of Louisiana, however, said debt-ceiling negotiations are at a \u201cpause.\u201d<\/p>\n<p>Crude prices were having a great week as the U.S. economic outlook \u201cdramatically improved\u201d as lawmakers seemed likely to reach a deal on the debt ceiling, said Edward Moya, senior market analyst at OANDA, in a market updated, but \u201cdebt ceiling optimism quickly disappeared on Friday and that sent oil prices sharply lower.\u201d<\/p>\n<p>Overall for the week, crude-price action was somewhat \u201cmuted,\u201d Troy Vincent, senior market analyst at DTN, told MarketWatch. That was \u201cdespite wildfires in Canada shutting production and Kurdish oil exports from Turkey still stranded amid pipeline disputes.\u201d<\/p>\n<p><strong>Read:<\/strong> Turkey\u2019s runoff presidential election further complicates the restart of a key oil pipeline<\/p>\n<p>That \u201cspeaks to the broader worries about the outlook for demand as we work into the second half of the year,\u201d Vincent said.  <\/p>\n<p>Data from 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       Friday showed a third-straight weekly decline in the number of active U.S. rigs drilling for oil \u2014 down 11 to 575 this week, but the news, which hinted at a potential production slowdown ahead, didn\u2019t appear to provide much support for oil prices. The natural-gas rig count was unchanged at 141 after dropping by 16 the week before.<\/p>\n<p>Natural-gas prices lost about a penny Friday after settling Thursday with a gain of nearly 10%, contributing to a hefty increase for the week. <\/p>\n<p>The Energy Information Administration on Thursday reported a smaller-than-expected increase of 99 billion cubic feet in natural-gas inventories for the week ending May 12. <\/p>\n<p>That \u201ckicked off the move higher\u201d as the market was looking for an injection somewhere around 108 billion cubic feet, StoneX\u2019s Kansas City energy team said.<\/p>\n<p>\u201cHowever, the situation with the wildfires in Alberta is still precarious,\u201d they said. \u201cGas flows, in addition to\u00a0oil\u00a0flows, out of this main producing region and into the U.S. have slowed, according to a Reuters report.\u201d <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-trades-higher-to-cap-off-choppy-week-a7603374?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled a bit lower on Friday, with prices for U.S. and global benchmark crude posting their first weekly gain in five weeks, as traders continued to monitor U.S. debt-ceiling talks as well as prospects for demand from China. Natural-gas futures, meanwhile, ended sharply higher for the week, with analysts attributing the rise to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-11609","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 settle lower, but notch first weekly gain in a month | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures settled a bit lower on Friday, with prices for U.S. and global benchmark crude posting their first weekly gain in five weeks, as traders\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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