{"id":58729,"date":"2023-09-08T21:51:42","date_gmt":"2023-09-09T01:51:42","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-settle-lower-pull-back-from-2023-highs\/"},"modified":"2023-09-08T21:51:45","modified_gmt":"2023-09-09T01:51:45","slug":"oil-prices-settle-lower-pull-back-from-2023-highs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=58729","title":{"rendered":"Oil prices settle lower, pull back from 2023 highs"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002477899\" role=\"document\">\n<p>Oil futures settled lower on Thursday, with prices easing back after the U.S. benchmark rose for nine consecutive sessions to its  highest levels of the year. <\/p>\n<p>A government report showing a more than 6 million-barrel drop in weekly domestic crude supplies, however, helped to limit price losses for oil.<\/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\">+0.41%<\/bg-quote><\/p>\n<p>        CLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726813\/delayed\" class=\"positive\">+0.41%<\/bg-quote><br \/>\n       fell 67 cents, or 0.8%, to settle at $86.87 a barrel on the New York Mercantile Exchange, after ending the previous session at its highest since Nov. 11. The U.S. benchmark\u2019s nine-day winning streak ended Wednesday was its longest since 2019.<\/p>\n<\/li>\n<li>\n      November Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.23%<\/bg-quote><\/p>\n<p>        BRNX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705773\/delayed\" class=\"negative\">-0.23%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, fell 68 cents, or nearly 0.8%, to $89.92 a barrel on ICE Futures Europe. It rose for a seventh straight day Wednesday, logging its highest close since Nov. 16.<\/p>\n<\/li>\n<li>\n      October gasoline<br \/>\n        RBV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376529\/delayed\" class=\"positive\">+1.09%<\/bg-quote><br \/>\n       tacked on 0.8% to $2.62 a gallon, while October heating oil<br \/>\n        HOV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376448\/delayed\" class=\"positive\">+2.35%<\/bg-quote><br \/>\n       added 0.6% to $3.21 a gallon.<\/p>\n<\/li>\n<li>\n      October natural gas<br \/>\n        NGV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194586\/delayed\" class=\"positive\">+1.51%<\/bg-quote><br \/>\n       settled at $2.58 per million British thermal units, up nearly 2.8% after posting losses in the last four consecutive trading sessions.<\/p>\n<\/li>\n<\/ul>\n<h2>Supply data<\/h2>\n<p>The Energy Information Administration on Thursday reported that U.S. commercial crude inventories fell by 6.3 million barrels for the week ended Sept. 1. <\/p>\n<p>On average, analysts polled by S&amp;P Global Commodity Insights expected the report to show a decrease of 5.6 million barrels. The American Petroleum Institute late Wednesday reported a decline of 5.5 million barrels in last week\u2019s domestic crude supplies, according to sources.<\/p>\n<p>\u201cContinued strength in crude exports, which are now humming along near maximum capacity at just over 4.5 million [barrels per day], and net exports of refined products continuing to hold at seasonal record highs at nearly 4.2 million bpd, are leading to dwindling U.S. inventories despite the weakness in domestic demand,\u201d Troy Vincent, senior market analyst at DTN, told MarketWatch.<\/p>\n<p>The EIA report, which was released data a day later than usual due to Monday\u2019s Labor Day holiday, also revealed a supply decline of 2.7 million barrels for gasoline, while distillate stockpiles edged up by 700,000 barrels. Analysts had forecast weekly inventory declines of 840,000 barrels for gasoline, while distillate stockpiles were seen as holding steady. <\/p>\n<p>Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.8 million barrels for the week, the EIA said.<\/p>\n<p>Production cuts by the Organization of the Petroleum Exporting Countries have \u201cleft the world tight in crude supplies and the trend of inventory draws has continued throughout the month of August, supporting markets,\u201d  StoneX\u2019s Kansas City energy team, led by Alex Hodes, wrote in Thursday\u2019s newsletter, ahead of the EIA supply data. <\/p>\n<p>The latest fall in crude supplies is the fourth straight weekly decline reported by the EIA.<\/p>\n<p>In separate report Thursday, the EIA said U.S. natural-gas supplies in storage rose by 33 billion cubic feet for the week ended Sept. 1. On average, analysts surveyed by S&amp;P Global Commodity Insights forecast an increase of 41 billion cubic feet.<\/p>\n<h2>Saudi Arabia, Russia output cuts<\/h2>\n<p>Crude-oil futures traded sharply higher this week after Saudi Arabia announced it would extend a production cut of 1 million barrels a day through the end of the year, with Russia also pledging to extend a supply cut.<\/p>\n<p><strong>Read:<\/strong> Why crude-oil rally can\u2019t be ignored by investors \u2014 or the Fed<\/p>\n<p>\u201cEven though we have seen a good rally in crude recently, we see the energy complex continuing to go higher,\u201d said Tariq Zahir, managing member at Tyche Capital Advisors. <\/p>\n<p>Any weakness in oil may be an opportunity to add to long positions in oil, with the recent Saudi news along with Russia extending production cuts until the end of the year, he told MarketWatch. <\/p>\n<p><strong>See:<\/strong> Oil trades at 2023 highs. Are U.S. prices headed for $100?<\/p>\n<p>Meanwhile, traders should be \u201cincreasingly focused on the Chinese response to extended crude supply cuts from OPEC+,\u201d said DTN\u2019s Vincent. <\/p>\n<p>\u201cChina is already boosting product export quotas and is likely to begin materially cutting back on imports as they take advantage of the near record-high inventories they accrued in the first half of the year amid low prices,\u201d he said. \u201cWhile reports will, of course, be focused on the most timely and transparent oil data in the world from the U.S., how China decides to play their hand and utilize their inventories in the coming months will be increasingly important for price formation.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-take-a-breather-after-9-day-winning-streak-pushes-crude-to-2023-highs-72369912?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled lower on Thursday, with prices easing back after the U.S. benchmark rose for nine consecutive sessions to its highest levels of the year. A government report showing a more than 6 million-barrel drop in weekly domestic crude supplies, however, helped to limit price losses for oil. Price action West Texas Intermediate crude [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-58729","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 lower, pull back from 2023 highs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures settled lower on Thursday, with prices easing back after the U.S. benchmark rose for nine consecutive sessions to its highest levels of the\" \/>\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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