{"id":47188,"date":"2023-08-11T09:07:37","date_gmt":"2023-08-11T13:07:37","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/u-s-oil-benchmark-edges-down-from-2023-high\/"},"modified":"2023-08-11T09:07:38","modified_gmt":"2023-08-11T13:07:38","slug":"u-s-oil-benchmark-edges-down-from-2023-high","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47188","title":{"rendered":"U.S. oil benchmark edges down from 2023 high"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002385203\" role=\"document\">\n<p>Oil futures edged lower early Thursday, pausing a rally that saw the U.S. benchmark end the previous session at a 2023 high.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for September delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.69%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.69%<\/bg-quote><\/p>\n<p>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"positive\">+0.69%<\/bg-quote><br \/>\n       fell 40 cents, or 0.5%, to $84 a barrel on the New York Mercantile Exchange, after ending Wednesday at its highest since Nov. 16. <\/p>\n<\/li>\n<li>\n      October Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.69%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"positive\">+0.69%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was down 22 cents, or 0.3%, at $87.33 a barrel on ICE Futures Europe. It finished Wednesday at its highest since Jan. 23.<\/p>\n<\/li>\n<li>\n      Back on Nymex, September gasoline<br \/>\n        RBU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376526\/delayed\" class=\"positive\">+1.36%<\/bg-quote><br \/>\n       dropped 1% to $2.901 a gallon, while September heating oil<br \/>\n        HOU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376445\/delayed\" class=\"positive\">+1.10%<\/bg-quote><br \/>\n       was off 0.4% at $3.191 a gallon.<\/p>\n<\/li>\n<li>\n      September natural gas<br \/>\n        NGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210193979\/delayed\" class=\"negative\">-0.18%<\/bg-quote><br \/>\n       dropped 4.5% to $2.826 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Crude oil prices have risen sharply since late June, finding support on supply concerns as Saudi Arabia implemented a voluntary production cut of 1 million barrels a day in July, which it recently announced would be extended through September. Russia has also moved to limit crude exports, extending an additional reduction of 300,000 barrels a day through the end of September.<\/p>\n<div class=\"paywall\">\n<p>Crude had previously suffered amid disappointment over China\u2019s economic performance following the lifting of COVID curbs late last year, but crude has this week shaken off further signs of weakness in China\u2019s economy.<\/p>\n<p>\u201cThere was a time not long ago when if China sneezed,\u00a0oil\u00a0markets would tank,\u201d said Stephen Innes, managing partner at SPI Asset Management, in a note.<\/p>\n<p>\u201cHowever, Saudi and\u00a0Russian production cuts, providing the China offset, and resilient U.S.-driving season demand round out the new bullish\u00a0oil\u00a0market thesis,\u201d he said. \u201cYes, the more OPEC+ cuts production in the middle of the peak U.S. summer driving season, predictably, the higher\u00a0oil\u00a0prices will go.\u201d<\/p>\n<p>That said, rising fuel prices are triggering \u201calarm bells\u201d in capital markets, Innes observed, raising questions about expectations for a smooth, continued fall in inflation pressures.<\/p>\n<p><strong>Related:<\/strong> Why fuel inflation \u2018whack-a-mole\u2019 may complicate Fed\u2019s job in months ahead <\/p>\n<p>The U.S. July consumer price index, released Thursday morning, rose to 3.2% year-over-year from to 3% in the prior month and was the first increase in13 months. Inflation has eased considerably since hitting a 40-year high of 9.1% in the middle of 2022. The core rate of inflation, which strips out volatile food and energy prices, slowed to 4.7% year over year from 4.8%, its lowest rate in almost two years.<\/p>\n<p><strong>MarketWatch Live: <\/strong>Dow rallies as investors cheer key inflation data<\/p>\n<p>The Organization of the Petroleum Exporting Countries, or OPEC, on Thursday left its forecasts for 2023 and 2024 global demand growth for crude unchanged. In its monthly report, OPEC said it expects demand this year to grow by 2.4 million barrels a day, followed by 2.2 million barrels a day, or mbd, in 2024.<\/p>\n<p>The Energy Information Administration on Thursday reported that natural gas in storage rose by 29 billion cubic feet last week. Analysts surveyed by S&amp;P Global Commodity Insights, on average, had forecast an injection of 24 billion cubic feet.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-oil-benchmark-edges-down-from-2023-high-7bea2171?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures edged lower early Thursday, pausing a rally that saw the U.S. benchmark end the previous session at a 2023 high. Price action West Texas Intermediate crude for September delivery CL00, +0.69% CL.1, +0.69% CLU23, +0.69% fell 40 cents, or 0.5%, to $84 a barrel on the New York Mercantile Exchange, after ending Wednesday [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-47188","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>U.S. oil benchmark edges down from 2023 high | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures edged lower early Thursday, pausing a rally that saw the U.S. benchmark end the previous session at a 2023 high.Price action West Texas\" 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