{"id":38425,"date":"2023-07-20T21:13:08","date_gmt":"2023-07-21T01:13:08","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-finish-higher-with-traders-attention-shifting-between-demand-and-supply\/"},"modified":"2023-07-20T21:13:10","modified_gmt":"2023-07-21T01:13:10","slug":"oil-prices-finish-higher-with-traders-attention-shifting-between-demand-and-supply","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38425","title":{"rendered":"Oil prices finish higher with traders\u2019 attention \u2018shifting between demand and supply\u2019"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002300386\" role=\"document\">\n<p>Crude-oil futures gained on Thursday, after losing ground the previous session, finding support from recent output cuts by major producers as traders remained cautious over the outlook for energy demand. <\/p>\n<p>Natural-gas prices, meanwhile, ended sharply higher for the session as hot weather forecasts raised prospects for tighter supplies.  <\/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        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.37%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"positive\">+0.37%<\/bg-quote><br \/>\n       rose 28 cents, or 0.4%, to settle at $75.63 a barrel on the New York Mercantile Exchange on the contract\u2019s expiration day. September WTI<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>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"positive\">+0.29%<\/bg-quote><span>,<\/span><br \/>\n       which is now the front month, gained 36 cents, or 0.5%, to $75.65 a barrel.<\/p>\n<\/li>\n<li>\n      September Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.24%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"positive\">+0.24%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added 18 cents, or 0.2%, at $79.64 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      Back on Nymex, August gasoline<br \/>\n        RBQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376523\/delayed\" class=\"positive\">+0.39%<\/bg-quote><br \/>\n       rose 0.8% to $2.74 a gallon, while August heating oil<br \/>\n        HOQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376442\/delayed\" class=\"positive\">+0.30%<\/bg-quote><br \/>\n       climbed 0.9% at $2.66 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=\"negative\">-0.44%<\/bg-quote><br \/>\n       tacked on 5.9% to $2.76 per million British thermal units with prices for the front month at their highest since June 30, according to Dow Jones Market Data. <\/p>\n<\/li>\n<\/ul>\n<h2>Oil supply and demand<\/h2>\n<p>\u201cOil prices could remain volatile over the short term with traders\u2019 attention constantly shifting between demand and supply sides,\u201d said Wael Makarem, senior market strategist, MENA at Exness.<\/p>\n<p>\u201cThe efforts led by Saudi Arabia and Russia to cut production levels have been able to push prices out of their range and took the market to the upside this month and could continue to provide strong upside support over the medium term,\u201d he said in market commentary.<\/p>\n<p>The crude market is expected to move into a supply deficit in the second half of the year, while Saudi Arabia and Russia have announced supply cuts.<\/p>\n<p>\u201cCrude markets have recently found firmer footing, which is led by strengthening physical indicators and is consistent with a market pivoting to a deficit,\u201d said Stephen Innes, managing partner at SPI Asset Management, in a note.<\/p>\n<p>\u201cWith positioning still light, there is a good chance the rally could extend if recent evidence of Russian supply cuts endures. A big if, mind you, given Russia\u2019s track record of compliance,\u201d he wrote.<\/p>\n<p>So far this year though, oil prices have declined, with weakness attributed to worries that interest-rate rises by global central banks will spark a sharp economic downturn, while a disappointing rebound by China after the lifting of strict COVID-19 curbs has also been a factor.<\/p>\n<p>\u201cThe Chinese economic recovery remains softer than previously expected and could continue to weigh on expectations\u201d for demand, said Makarem. <\/p>\n<p>But expectations the Federal Reserve is near the end of its rate-hike cycle as inflation continues to cool have been cited as supportive for crude, which has bounced higher in July.<\/p>\n<p>On Wednesday, oil prices lost ground after the Energy Information Administration said U.S. commercial crude inventories fell by 700,000 barrels for the week ending July 14. On average, analysts polled by S&amp;P Global Commodity Insights had expected the report to show a decline of 2.25 million barrels.<\/p>\n<p>\u201cTraders could focus on economic data from the U.S. next week with the release of U.S. GDP growth figures, while the Federal Reserve is expected to decide on interest rates\u201d Wednesday, said Makarem.<\/p>\n<h2>Natural gas rally<\/h2>\n<p>On Thursday, prices for natural gas rallied, lifted by \u201cunrelenting heat\u201d and growing expectations for \u201cunseasonal draws\u201d in natural-gas supply, said Phil Flynn, senior market analyst at The Price Futures Group. \u00a0<\/p>\n<p>U.S. forecasts called for above-normal temperatures in much of the nation over the six to 10 days.<\/p>\n<p><strong>Read:<\/strong> Why scorching summer temperatures haven\u2019t yet led to a lasting rally for natural gas<\/p>\n<p>\u201cIf the heat holds up into August, like some predict \u2014 and because we\u2019re seeing a consistent drop in the U.S. rig count, this winter could be more expensive than previously thought by the marketplace,\u201d said Flynn, in a market report.<\/p>\n<p>On Thursday, the EIA reported that U.S. natural-gas supplies in storage rose by 41 billion cubic feet for the week ended July 14. <\/p>\n<p>Analysts had called for a storage increase of 48 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-in-cautious-trade-c5358e32?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crude-oil futures gained on Thursday, after losing ground the previous session, finding support from recent output cuts by major producers as traders remained cautious over the outlook for energy demand. Natural-gas prices, meanwhile, ended sharply higher for the session as hot weather forecasts raised prospects for tighter supplies. Price action West Texas Intermediate crude for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-38425","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 finish higher with traders\u2019 attention \u2018shifting between demand and supply\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Crude-oil futures gained on Thursday, after losing ground the previous session, finding support from recent output cuts by major producers as traders\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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