{"id":47206,"date":"2023-08-11T10:11:25","date_gmt":"2023-08-11T14:11:25","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/u-s-oil-benchmark-closes-at-2023-high-buoyed-by-supply-concerns\/"},"modified":"2023-08-11T10:11:27","modified_gmt":"2023-08-11T14:11:27","slug":"u-s-oil-benchmark-closes-at-2023-high-buoyed-by-supply-concerns","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47206","title":{"rendered":"U.S. oil benchmark closes at 2023 high, buoyed by supply concerns"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002378412\" role=\"document\">\n<p>Oil futures rose Wednesday, with the U.S. benchmark posting its highest finish of 2023, buoyed by continued concerns over supplies that have been amplified by the latest turn in the war between Russia and Ukraine.<\/p>\n<p>Data showing a drop in U.S. fuel inventories also provided support, offsetting a rise in crude stocks.<\/p>\n<div class=\"paywall\">\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\">+0.21%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.21%<\/bg-quote><\/p>\n<p>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"positive\">+0.21%<\/bg-quote><br \/>\n       rose $1.48, or 1.8%, to finish at $84.40 a barrel on the New York Mercantile Exchange. That was the highest close for the U.S. benchmark 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\">+0.23%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"positive\">+0.23%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, rose $1.38, or 1.6%, to settle at $87.55 a barrel on ICE Futures Europe, its highest close 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\">+0.59%<\/bg-quote><br \/>\n       rose 2.9% to close at $2.928 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=\"negative\">-0.15%<\/bg-quote><br \/>\n       jumped 3.9% to $3.207 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\">-1.63%<\/bg-quote><br \/>\n       rallied 6.6% to close at $2.959 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers <\/h2>\n<p>The Energy Information Administration on Wednesday said U.S. crude inventories rose by 5.9 million barrels in the week ended Aug. 4, but gasoline inventories dropped by 2.7 million barrels and stocks of distillates, which include heating oil and diesel fuel, declined by 1.7 million barrels.<\/p>\n<p>Analysts surveyed by S&amp;P Global Commodity Insights, on average, had forecast a 930,000 barrel drop in crude inventories last week. Gasoline stocks were forecast down 1.1 million barrels, with distillates unchanged.<\/p>\n<p>Crude-oil futures initially came off early highs following the data, but \u201cother aspects of the report were strong as the refinery utilization rate increased sharply and stocks of\u00a0oil\u00a0products dropped,\u201d said Fawad Razaqzada, market analyst at City Index and Forex.com, in a note.<\/p>\n<p>The American Petroleum Institute, an industry trade group, said late Tuesday that U.S. crude inventories rose by 4.1 million barrels last week, according to a source citing the data, while gasoline and distillate inventories fell.<\/p>\n<p>Tighter supply, driven in particular by voluntary cuts by Saudi Arabia and Russia, has been credited with lifting crude prices over the past six weeks.<\/p>\n<p>WTI\u2019s break on Wednesday above the April high means that traders who were skeptical of OPEC+\u2019s efforts have been proven wrong, Razaqzada said.<\/p>\n<p>\u201cAs more bearish speculators now step aside, oil prices should continue trending higher for as long as there are no major demand worries. So, a move up to $85 looks increasingly likely from here,\u201d he wrote, but cautioned that a dip in the short term wouldn\u2019t be a surprise as futures are \u201cclearly overbought.\u201d <\/p>\n<p>Gains for natural gas, meanwhile, were tied to falling production and the possibility of worker strikes at some liquefied natural gas, or LNG, export plants in Australia, potentially creating supply shortages in the global LNG market, said Victoria Dircksen, commodity analyst at Schneider Electric, in a note.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-buoyed-by-industry-data-showing-u-s-crude-inventory-drop-61411318?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures rose Wednesday, with the U.S. benchmark posting its highest finish of 2023, buoyed by continued concerns over supplies that have been amplified by the latest turn in the war between Russia and Ukraine. Data showing a drop in U.S. fuel inventories also provided support, offsetting a rise in crude stocks. Price action West [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-47206","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 closes at 2023 high, buoyed by supply concerns | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures rose Wednesday, with the U.S. benchmark posting its highest finish of 2023, buoyed by continued concerns over supplies that have been\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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