{"id":29192,"date":"2023-06-29T12:33:14","date_gmt":"2023-06-29T16:33:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-look-to-notch-back-to-back-gains-a-day-after-data-reveal-a-hefty-drop-in-u-s-crude-supplies\/"},"modified":"2023-06-29T12:33:15","modified_gmt":"2023-06-29T16:33:15","slug":"oil-prices-look-to-notch-back-to-back-gains-a-day-after-data-reveal-a-hefty-drop-in-u-s-crude-supplies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29192","title":{"rendered":"Oil prices look to notch back-to-back gains a day after data reveal a hefty drop in U.S. crude supplies"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002228290\" role=\"document\">\n<p>Oil futures climbed on Thursday, extending on a gain from a day earlier when U.S. government data revealed a nearly 10 million-barrel weekly drop in domestic crude inventories.  <\/p>\n<p>Still, tough talk from Federal Reserve Chair Jerome Powell and other global central bank chiefs on Wednesday on the need to keep tightening monetary policy in order to bring down inflation continued to cap gains, analysts said.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for August delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.24%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.24%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"positive\">+0.24%<\/bg-quote><br \/>\n       rose 70 cents, or 1%, to $70.26 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      August Brent crude<br \/>\n        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"positive\">+0.24%<\/bg-quote><br \/>\n       rose 66 cents, or 0.9%, to $74.69 a barrel on ICE Futures Europe. Septmber Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.16%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"positive\">+0.16%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract, gained 60 cents, or 0.8%, to $74.84 a barrel.<\/p>\n<\/li>\n<li>\n      Back on Nymex, July gasoline<br \/>\n        RBN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376520\/delayed\" class=\"positive\">+0.61%<\/bg-quote><br \/>\n       added 0.2% to $2.6074 a gallon, while July heating oil<br \/>\n        HON23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376439\/delayed\" class=\"positive\">+0.26%<\/bg-quote><br \/>\n       was up 0.9% to $2.4285 a gallon.<\/p>\n<\/li>\n<li>\n      August natural gas<br \/>\n        NGQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210192744\/delayed\" class=\"positive\">+2.21%<\/bg-quote><br \/>\n       climbed 2.6% to $2.738 per million British thermal units after the contract 4.3% on Wednesday. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>On Wednesday, WTI settled 2.8% higher and Brent rose 2.5% after the Energy Information Administration reported that U.S. commercial crude inventories fell\u00a0by 9.6 million barrels for the week ended June 23. The EIA report showed weekly inventory gains of 600,000 barrels for gasoline and 100,000 barrels for distillates. <\/p>\n<p>However Powell, participating in a panel discussion at an ECB monetary policy forum in Sintra, Portugal, reiterated Wednesday that a \u201cstrong majority\u201d of Fed policy makers expect to deliver two more quarter percentage point interest-rate increases this year. Powell also played down the idea the Fed has shifted to a pattern of delivering rate hikes at every other meeting, saying that he \u201cwouldn\u2019t take moving consecutive meetings off the table at all.\u201d<\/p>\n<p><strong>See<\/strong>: Powell and other central bankers vow to keep fighting inflation until there is evidence of success<\/p>\n<p>Crude prices had difficulty following through with gains early Thursday \u201con account of hawkish comments from the U.S. Fed as inflationary concerns continue,\u201d said analysts at ING, in a note. Higher interest rates can raise the potential for a recession, which may lead to lower energy demand. <\/p>\n<p>\u201cOil continues to face upside headwinds in the form of oversupply risks and worries<br \/>about economic growth,\u201d analysts at Sevens Report Research wrote in Thursday\u2019s newsletter. If both of those risks fail to materialize, \u201cvia a resilient global economy or additional production cuts from Saudi Arabia, then oil can rally throughout the summer, although it\u2019s unclear either (or both) of those events will occur.\u201d<\/p>\n<p>Oil futures looked to end the month on Friday with a gain, but traded lower quarter to date. <\/p>\n<p>Natural-gas futures, meanwhile, looked to recover some of Wednesday\u2019s more than 4% decline after the U.S. Energy Information Administration reported on Thursday a slightly smaller-than-expected weekly rise in U.S. stockpiles. <\/p>\n<p>Domestic natural-gas supplies in storage rose by 76 billion cubic feet for the week ended June 23. Analysts called for a storage increase of 83 billion cubic feet on average, according to a survey conducted by S&amp;P Global Commodity Insights.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-higher-after-wednesday-bounce-40a7d85b?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures climbed on Thursday, extending on a gain from a day earlier when U.S. government data revealed a nearly 10 million-barrel weekly drop in domestic crude inventories. Still, tough talk from Federal Reserve Chair Jerome Powell and other global central bank chiefs on Wednesday on the need to keep tightening monetary policy in order [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-29192","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices look to notch back-to-back gains a day after data reveal a hefty drop in U.S. crude supplies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures climbed on Thursday, extending on a gain from a day earlier when U.S. government data revealed a nearly 10 million-barrel 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