{"id":14374,"date":"2023-05-26T20:09:11","date_gmt":"2023-05-27T00:09:11","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-ends-lower-as-russia-plays-down-prospect-for-additional-opec-production-cuts\/"},"modified":"2023-05-26T20:09:12","modified_gmt":"2023-05-27T00:09:12","slug":"oil-ends-lower-as-russia-plays-down-prospect-for-additional-opec-production-cuts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14374","title":{"rendered":"Oil ends lower as Russia plays down prospect for additional OPEC+ production cuts"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002100735\" role=\"document\">\n<p>Oil futures finished lower Thursday for the first time in four sessions after a top Russian official played down the prospect of additional production cuts when OPEC+ meets early next month.<\/p>\n<p>Crude prices were lifted earlier this week, with support tied in part to remarks by Saudi Arabia\u2019s top energy official that were taken as a signal the Organization of the Petroleum Exporting Countries and its allies could move to further cut output at their next meeting. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for July delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+1.45%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+1.45%<\/bg-quote><\/p>\n<p>        CLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725418\/delayed\" class=\"positive\">+1.45%<\/bg-quote><br \/>\n       fell $2.51, or 3.4%, to settle at $71.83 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      July Brent crude<br \/>\n        BRNN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705271\/delayed\" class=\"positive\">+0.22%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, lost $2.10, or 2.7%, at $76.26 a barrel on ICE Futures Europe. August Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.25%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"positive\">+0.25%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract, fell $2.05, or 2.6%, to $76.18 a barrel.<\/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\">+1.29%<\/bg-quote><br \/>\n       fell nearly 1.8% to $2.67 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=\"positive\">+1.24%<\/bg-quote><br \/>\n       declined by 2.8% at $2.35 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=\"negative\">-4.72%<\/bg-quote><br \/>\n       dropped 3.8% to $2.31 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Russian Deputy Prime Minister Alexander Novak told the Izvestia newspaper that he didn\u2019t expect any additional measure to be announced when OPEC+ meets on June 4, Reuters reported. <\/p>\n<p>OPEC+ countries in early April announced around 1.15 million barrels a day in production cuts that took effect at the beginning of this month, while Russia pledged to continue cuts of 500,000 barrels a day through year-end.<\/p>\n<p>Novak said he didn\u2019t think there would be any \u201cnew steps, because just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries due to the fact that we saw the slow pace of global economic recovery.\u201d<\/p>\n<p>Oil prices softened after the reported remarks, and were also pressured as U.S. leaders left \u201cmany unresolved issues with the debt ceiling,\u201d StoneX\u2019s Kansas City energy team, led by Alex Hodes, wrote in Thursday\u2019s newsletter.<\/p>\n<p>Late Wednesday, credit firm Fitch Ratings placed the top triple-A credit ratings of the U.S. on \u201crating watch negative,\u201d citing due to \u201cbrinkmanship\u201d in Washington, over raising the government\u2019s borrowing limit and the nation\u2019s growing debt burden.<\/p>\n<p>\u201cThe debt ceiling talks debacle that have gone into overtime is raising concerns of a default,\u201d said Phil Flynn, senior market analyst at The Price Futures Group, in a daily report. \u201cThese concerns have misdirected the oil market focus from the lurking supply shortage that may end up doing more damage to the economy than a default by the United States.\u201d\u00a0<\/p>\n<p>Earlier this week, Prince Abdulaziz bin Salman warned that oil short sellers should \u201cwatch out,\u201d threatening a rerun of the price spike that occurred after output cuts were announced in early April. Analysts took the remarks as a threat that more output cuts may be in store.<\/p>\n<p><strong>See:<\/strong> Top Saudi official says oil speculators had better \u2018watch out\u2019<\/p>\n<p>The Saudi remarks hit home because \u201cthere is a large speculative gross short in the market and [traders] will likely be hesitant to carry too much risk into the OPEC+ meeting,\u201d wrote Warren Patterson and Ewa Manthey, commodity analysts at ING.<\/p>\n<p>On Wednesday, crude futures ended at three-week highs after the U.S. Energy Information Administration reported a weekly decline crude stockpiles for the first time in three weeks, with the more than 12 million-barrel drop the largest year to date. <\/p>\n<p>Natural-gas futures, meanwhile, ended sharply lower Thursday. The U.S. Energy Information Administration reported a weekly increase in domestic natural-gas supplies that was slightly below the market forecast. <\/p>\n<p>Inventories of the fuel in storage rose by 96 billion cubic feet for the week ended May 19, the EIA said. Analysts called for a storage increase of 101 bcf on average, according to a survey conducted by S&amp;P Global Commodity Insights. For the same week a year ago, the EIA reported a smaller 88 bcf supply increase, according to S&amp;P Global Commodity Insights. \u00a0<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-lower-as-russia-plays-down-prospect-for-additional-opec-production-cuts-f5090f94?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished lower Thursday for the first time in four sessions after a top Russian official played down the prospect of additional production cuts when OPEC+ meets early next month. Crude prices were lifted earlier this week, with support tied in part to remarks by Saudi Arabia\u2019s top energy official that were taken as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-14374","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 ends lower as Russia plays down prospect for additional OPEC+ production cuts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures finished lower Thursday for the first time in four sessions after a top Russian official played down the prospect of additional production\" \/>\n<meta name=\"robots\" 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