{"id":54474,"date":"2023-08-29T14:50:13","date_gmt":"2023-08-29T18:50:13","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-ends-on-a-mixed-note-as-traders-eye-chinas-energy-demand-and-storm-risks-in-gulf-of-mexico\/"},"modified":"2023-08-29T14:50:15","modified_gmt":"2023-08-29T18:50:15","slug":"oil-ends-on-a-mixed-note-as-traders-eye-chinas-energy-demand-and-storm-risks-in-gulf-of-mexico","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54474","title":{"rendered":"Oil ends on a mixed note as traders eye China\u2019s energy demand and storm risks in Gulf of Mexico"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002446526\" role=\"document\">\n<p>Oil futures ended Monday on a mixed note, with U.S. prices posting a gain and global benchmark crude prices settling slightly lower.<\/p>\n<p>The moves for oil came as investors assessed China\u2019s latest efforts to bolster its lagging economy and monitored the potential threat posed by Tropical Storm Idalia to crude and product output and demand in the Gulf of Mexico region. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for October delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+1.37%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+1.37%<\/bg-quote><\/p>\n<p>        CLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726813\/delayed\" class=\"positive\">+1.37%<\/bg-quote><br \/>\n       gained  27 cents, or 0.3%, to settle at $80.10 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      October Brent crude<br \/>\n        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"positive\">+1.24%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, inched lower by 6 cents, or nearly 0.1%, to settle at $84.42 a barrel on ICE Futures Europe. November Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+1.25%<\/bg-quote><\/p>\n<p>        BRNX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705773\/delayed\" class=\"positive\">+1.25%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract, shed 8 cents, or 0.1%, to $83.87 a barrel.<\/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=\"negative\">-0.18%<\/bg-quote><br \/>\n       fell 2.8% to $2.80 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\">+0.19%<\/bg-quote><br \/>\n       declined 3.1% to $3.20 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\">-2.48%<\/bg-quote><br \/>\n       added 1.5% to settle at $2.58 per million British thermal units. The contract expires at the end of Tuesday\u2019s trading session.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil futures got a boost after China\u2019s finance ministry and the country\u2019s stock-market regulator introduced measures aimed at sparking buying interest in stocks, including halving a tax on stock trades and limiting sales by big shareholders in companies that haven\u2019t handed out enough dividends.<\/p>\n<p>Worries about China\u2019s economy and its demand for energy had been pressuring prices for oil, but the latest news helped to brighten the outlook for oil demand from one of the world\u2019s largest consumers.<\/p>\n<p>Meanwhile, Tropical Storm Idalia formed Sunday in the Gulf of Mexico and was on a potential track to come ashore as a hurricane in the southern U.S., the National Hurricane Center said.<\/p>\n<p>For the crude-oil market, while the storm may disrupt some operations in the Gulf of Mexico, \u201cthe track so far looks like it will be more of a threat to demand than it will be supply,\u201d Phil Flynn, a senior market analyst at the Price Futures Group, said in a Monday report.<\/p>\n<p>\u201cThe potential short-term demand destruction and the fact that we\u2019re going into shoulder season [for demand] could overshadow the wildly bullish fundamentals that underpin the oil and products markets,\u201d he said. \u201cWe continue to believe that there\u2019s a significant upside risk for prices going into winter and try to take advantage of any short-term weakness to put-on long-term hedges.\u201d<\/p>\n<p>Meanwhile, Citgo Petroleum Corp. and Florida officials warned on Sunday that fuel sold at stations supplied by Citgo\u2019s Tampa, Fla., terminal may be \u201ccontaminated\u201d with diesel fuel. <\/p>\n<p><strong>Read:<\/strong> Tropical Storm Idalia heads for Florida; Citgo fuel-contamination problem strikes first<\/p>\n<p>Oil prices had climbed Friday but booked back-to-back weekly declines after a string of seven straight weekly advances. Crude had seen a lift as Saudi Arabia implemented a production cut of 1 million barrels a day in July that\u2019s due to run at least through the end of September.<\/p>\n<p>\u201cOil trading volumes show an unusual fall since July when compared to volumes traded in the past two years. That\u2019s partly due to weakening demand fears and falling gasoline inventories, but also due to tightening oil markets as a result of lower OPEC supply,\u201d Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said in a note.<\/p>\n<p>\u201cWe know that the demand will advance toward fresh records despite weak Chinese demand. We also know that OPEC will keep supply limited to push prices higher,\u201d she wrote. \u201cConsequently, we are in a structurally positive price setting, although any excessive rally in oil prices would further fuel inflation expectations, rate hike expectations and keep the topside limited in the medium run.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-steady-as-china-moves-to-bolster-stock-market-f6b9d3ae?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended Monday on a mixed note, with U.S. prices posting a gain and global benchmark crude prices settling slightly lower. The moves for oil came as investors assessed China\u2019s latest efforts to bolster its lagging economy and monitored the potential threat posed by Tropical Storm Idalia to crude and product output and demand [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":50026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-54474","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 ends on a mixed note as traders eye China\u2019s energy demand and storm risks in Gulf of Mexico | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures ended Monday on a mixed note, with U.S. prices posting a gain and global benchmark crude prices settling slightly lower. 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