{"id":30308,"date":"2023-07-02T00:08:02","date_gmt":"2023-07-02T04:08:02","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-futures-climb-with-global-prices-registering-the-first-monthly-gain-of-the-year-but-a-4th-straight-quarterly-decline\/"},"modified":"2023-07-02T00:08:03","modified_gmt":"2023-07-02T04:08:03","slug":"oil-futures-climb-with-global-prices-registering-the-first-monthly-gain-of-the-year-but-a-4th-straight-quarterly-decline","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30308","title":{"rendered":"Oil futures climb, with global  prices registering the first monthly gain of the year but a 4th straight quarterly decline"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002234463\" role=\"document\">\n<p>Oil futures climbed on Friday, with prices for the global benchmark notching their first monthly gain of the year, along with a fourth quarterly loss in a row.<\/p>\n<p>Worries over the economic outlook and energy demand have pulled U.S. and global crude prices down year to date. <\/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=\"negative\">-0.27%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.27%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"negative\">-0.27%<\/bg-quote><br \/>\n       rose 78 cents, or 1.1%, to settle at $70.64 a barrel on the New York Mercantile Exchange. It ended Friday with a gain of almost 3.8% for the month, but lost about 6.7% lower for the quarter, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      August Brent crude<br \/>\n        BRNQ23<span>,<\/span><br \/>\n       the global benchmark, added 56 cents, or nearly 0.8%, at $74.90 a barrel on ICE Futures Europe, with prices up 3.1% for the month and down 6.1% for the quarter.  September Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.29%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"negative\">-0.29%<\/bg-quote><span>,<\/span><br \/>\n       which became the front month at the session\u2019s end, climbed 90 cents, or 1.2%, to $75.41 a barrel.<\/p>\n<\/li>\n<li>\n      Back on Nymex, July gasoline added 0.6% to $2.63 a gallon, with prices up 2.9% for the month, while July heating oil rose nearly 1.4% to $2.45 a gallon, for a gain of almost 8.4% for the month. The July contracts expired at the day\u2019s settlement.<\/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=\"negative\">-0.86%<\/bg-quote><br \/>\n       rose 3.6% to $2.80 per million British thermal units. Prices added more than 23% for the month and over 26% for the quarter, but lost 1.6% for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The U.S. economy is in the \u201cmidst of the most anticipated recession that has yet to come, and yet the oil price reflects such discount,\u201d said Manish Raj, managing director at Velandera Energy Partners. <\/p>\n<p>As the U.S. GDP print continues to be robust, oil\u2019s monthly gain shows a \u201ctoning down [of] the pessimist recession scenario in favor of a possible soft landing,\u201d he told MarketWatch.<\/p>\n<p>Oil futures marked monthly gains but WTI also saw a second consecutive quarterly decline \u2014 off nearly 7%  \u2014 and Brent logged a fourth straight quarterly loss \u2014 down over 6%.<\/p>\n<p>\u201cLike most assets, right now oil is beholden to the economy,\u201d analysts at Sevens Report Research wrote in Friday\u2019s newsletter. <\/p>\n<p><strong>Read: <\/strong>Gas prices are down, just in time for Fourth of July<\/p>\n<p><strong>Also see:<\/strong> Baker Hughes data show a third straight weekly decline in active U.S. oil-drilling rigs<\/p>\n<p>\u201cIf the soft landing (or even no landing) occurs, then that will be a solid tailwind on oil and other industrial commodities and country oversupply fears,\u201d they said. \u201cIf a hard landing looks more likely in [the second half of the year], then a sharp drop in oil isn\u2019t out of the question given oversupply concerns,\u201d especially from Russia, which is pumping as much as they can to fund the war.<\/p>\n<p><strong>Read<\/strong> The U.S. will soon be in a recession, based on commodity price declines: strategist<\/p>\n<p>Looking ahead, \u201cthe next six weeks will dictate the next six months\u201d for the oil market, wrote strategists at RBC Capital Markets, led by Michael Tran, in a research note dated Friday.<\/p>\n<p>The physical market has been \u201csloppy all year,\u201d but July should, in theory, be tight, they said. \u201cSaudi production cuts, the seasonal return of [more than 2 million barrels a day] of refinery capacity, and leading indicators of strong Chinese crude imports should all bode well for a tighter physical market in July.\u201d<\/p>\n<p>U.S. data due next week includes readings from manufacturing and services sector purchasing managers and the June jobs report. The figures are unlikely to dispel the widespread gloom, said Barbara Lambrecht, commodity analyst at Commerzbank, in a note.<\/p>\n<p>\u201cIf sentiment were to have brightened in the manufacturing and service sectors, market participants would only interpret this as meaning that the Fed will have room to step on the brakes to a greater extent,\u201d she wrote. This would result in oil demand weakening, \u201cnot in the short term, but with an increased probability in the medium term.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-steady-friday-but-global-oil-benchmark-set-for-fourth-straight-quarterly-drop-2d0d7f94?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures climbed on Friday, with prices for the global benchmark notching their first monthly gain of the year, along with a fourth quarterly loss in a row. Worries over the economic outlook and energy demand have pulled U.S. and global crude prices down year to date. Price action West Texas Intermediate crude for August [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-30308","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 futures climb, with global prices registering the first monthly gain of the year but a 4th straight quarterly decline | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures climbed on Friday, with prices for the global benchmark notching their first monthly gain of the year, along with a fourth quarterly loss in a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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