{"id":40467,"date":"2023-07-25T21:54:56","date_gmt":"2023-07-26T01:54:56","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-settle-at-a-3-month-high-as-thirst-for-summer-oil-leads-to-multi-week-rally\/"},"modified":"2023-07-25T21:54:57","modified_gmt":"2023-07-26T01:54:57","slug":"oil-prices-settle-at-a-3-month-high-as-thirst-for-summer-oil-leads-to-multi-week-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40467","title":{"rendered":"Oil prices settle at a 3-month high as \u2018thirst for summer oil\u2019 leads to multi-week rally"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002311831\" role=\"document\">\n<p>U.S. and global benchmark oil prices marked their highest finish in three months on Monday, buoyed by what one analyst referred to as \u201cunquenched thirst for summer oil\u201d and bets for tighter global crude supplies later this year. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for September delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.46%<\/bg-quote><\/p>\n<p>        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.46%<\/bg-quote><\/p>\n<p>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"negative\">-0.46%<\/bg-quote><br \/>\n       rose $1.67, or 2.2%, to settle at $78.74 a barrel on the New York Mercantile Exchange. That was the highest front-month finish since April 24, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      September Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.49%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"negative\">-0.49%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added $1.67, or 2.2%, at $82.74 a barrel on ICE Futures Europe, the highest since April 19.<\/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=\"negative\">-0.49%<\/bg-quote><br \/>\n       rose 3.3% to $2.90 a gallon \u2014 the highest since late October, while August heating oil<br \/>\n        HOQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376442\/delayed\" class=\"negative\">-0.45%<\/bg-quote><br \/>\n       advanced 0.9% to $2.77 a gallon, the highest since March.<\/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\">-0.22%<\/bg-quote><br \/>\n       lost 1% at $2.69 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cThe unquenched thirst for summer oil created a snowball effect that has led to a multi-week rally\u201d in oil prices, said Manish Raj, managing director at Velandera Energy Partners. <\/p>\n<div class=\"paywall\">\n<p>Export cuts from Saudi Arabia and Russia have led to Asian buyers \u201clooking for U.S.-sourced WTI,\u201d he said. Asian refiners booked near-record volumes of U.S. crude to be shipped in August, Reuters reported late last week, citing trade sources. \u00a0<\/p>\n<p>\u201cThe usual suspects are at play [for oil] \u2014 continued demand growth in the American summer, handsome recovery in China and robust outlook in India, while supply remains constrained,\u201d Raj said.<\/p>\n<p>The Organization of the Petroleum Exporting Countries is \u201claughing all the way to the bank, while long traders don\u2019t want to miss the boat on the highest anticipated [second-half of the year supply] shortage,\u201d he said. OPEC appears prepared to \u201cwalk the whole nine yards in order to fight low prices, while U.S. drillers have given a \u201ccold shoulder to bringing on new supply in light of skyrocketing drilling inflation and shortage of frac fleet,\u201d referring to hydraulic fracturing equipment. <\/p>\n<p>Data from Baker Hughes Friday revealed a sixth straight weekly decline in the number of active U.S. oil-drilling rigs.<\/p>\n<p>WTI and Brent crude rose 2.3% and 1.5%, respectively, last week. Oil prices remain lower year to date but have found their footing on expectations the physical market will move into deficit over the second half of the year. <\/p>\n<p>Supply cuts by Saudi Arabia and Russia have helped underpin those expectations.<\/p>\n<p>The United Arab Emirates Energy Minister Suhail al-Mazrouei reportedly stated that current\u00a0OPEC\u00a0actions are sufficient to \u201cbalance the market\u201d and that if any further action is required it can be addressed at the next meeting, StoneX\u2019s Kansas City energy team, led by Alex Hodes, wrote in Monday\u2019s newsletter.  <\/p>\n<p>The latest round of supply cuts do \u201cappear to have tightened the oil market,\u201d the StoneX team said.<\/p>\n<p>Traders are also looking ahead to the \u201chost of central bank decisions during the week, where the main attention will be on the U.S. Federal Reserve,\u201d said Jameel Ahmad, chief analyst at GTC, a trading brokerage based in Dubai.  <\/p>\n<p>The U.S. central bank is expected to indicate that interest rates in the United States have peaked following another interest-rate hike, but \u201cexpectations that China, through the People\u2019s Bank of China, will unleash stimulus to support the Chinese economy (in turn supporting global growth prospects) seems to be encouraging traders to keep hold of their oil positions,\u201d he said in emailed commentary.<\/p>\n<p>The Fed will conclude its policy meeting on Wednesday, while policy decisions will be delivered by the European Central Bank on Thursday and the Bank of Japan on Friday.  <\/p>\n<p><strong>See:<\/strong> Everyone thinks the Fed\u2019s rate hike this week will be the final one \u2014 except the Fed<\/p>\n<p>\u201cAs we approach the second half of 2023 trading and with global economic health concerns unlikely to go away, while central banks across developed markets are resistant to reduce interest rates with inflationary pressures still historically high, we would need a complete rebound in global economic sentiment into optimism to maintain that oil should remain above $80 over the longer-run,\u201d said Ahmad. <\/p>\n<p><strong>Also read: <\/strong>Stocks are making a run for record territory. Will the Fed end its rate hikes anyway?<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-rise-after-4th-straight-weekly-gain-312c636e?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. and global benchmark oil prices marked their highest finish in three months on Monday, buoyed by what one analyst referred to as \u201cunquenched thirst for summer oil\u201d and bets for tighter global crude supplies later this year. Price action West Texas Intermediate crude for September delivery CL.1, -0.46% CL00, -0.46% CLU23, -0.46% rose $1.67, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-40467","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 at a 3-month high as \u2018thirst for summer oil\u2019 leads to multi-week rally | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. and global benchmark oil prices marked their highest finish in three months on Monday, buoyed by what one analyst referred to as \u201cunquenched thirst\" \/>\n<meta name=\"robots\" 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