{"id":69832,"date":"2023-10-07T08:07:30","date_gmt":"2023-10-07T12:07:30","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-futures-end-higher-but-post-sharp-weekly-decline-as-the-market-stares-out-at-a-darkening-global-demand-outlook\/"},"modified":"2023-10-07T08:07:33","modified_gmt":"2023-10-07T12:07:33","slug":"oil-futures-end-higher-but-post-sharp-weekly-decline-as-the-market-stares-out-at-a-darkening-global-demand-outlook","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69832","title":{"rendered":"Oil futures end higher, but post sharp weekly decline as the market stares out at a \u2018darkening global demand outlook\u2019"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002587723\" role=\"document\">\n<p>Oil futures climbed on Friday, but the gain did little to pare a big weekly decline as investors shifted their focus away from tightening supplies after signs a surge toward $100 a barrel was destroying demand.<\/p>\n<p>Stronger-than-expected U.S. jobs data released Friday led to expectations for higher interest rates, and a surge in bond yields, with long-term Treasury yields hitting 16-year highs, stoking concern about the economic outlook and prospects for demand.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for November delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.61%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.61%<\/bg-quote><\/p>\n<p>        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"positive\">+0.61%<\/bg-quote><br \/>\n       edged up  by 48 cents, or 0.6%, to settle at $82.79 a barrel on the New York Mercantile Exchange, for a weekly decline of 8.8%, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.18%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"negative\">-0.18%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added 51 cents, or 0.6%, at $84.58 a barrel on ICE Futures Europe, leaving it down 8.3% for the week.<\/p>\n<\/li>\n<li>\n      November gasoline<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"positive\">+0.06%<\/bg-quote><br \/>\n       rose nearly 0.2% to $2.19 a gallon, trimming its weekly loss to 8.6%, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"positive\">+1.38%<\/bg-quote><br \/>\n       gained 1.1% to $2.90 a gallon, leaving it off 12.1% for the week.<\/p>\n<\/li>\n<li>\n      November natural gas<br \/>\n        NGX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194966\/delayed\" class=\"positive\">+5.18%<\/bg-quote><br \/>\n       added 5.4% at $3.34 per million British thermal units, for a weekly rise of 14%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cOil\u2019s sharp retreat this week has put oil bulls on the backfoot, placing those recent calls for $100 oil further away from reach,\u201d said Han Tan, chief market analyst at Exinity Group. <\/p>\n<p>\u201cOil benchmarks have been forced to unwind all of last month\u2019s gains as markets stare out into a darkening global demand outlook, fretting over the fallout from higher-for-longer rates,\u201d especially in light of Friday\u2019s higher-than-expected headline non-farm payrolls number, he told MarketWatch.<\/p>\n<p>The U.S. gained a bigger-than-expected 336,000 new jobs in September and the government data showed an upward revision to hiring in August and July. The stronger-than-expected numbers reveal strength in the U.S. economy, but could also complicate the Fed\u2019s decision on when to stop raising interest rates. <\/p>\n<p>Against that backdrop, the U.S. dollar strengthened, with the ICE U.S. Dollar index<br \/>\n        DXY<br \/>\n       traded as high as 106.97, but pulled back to 106.05, down 0.2% in Friday dealings. The yield on the 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       climbed to 7.1 basis points to 4.78%. <\/p>\n<p>\u201cOil\u2019s downside was exposed by the surge in the dollar and yields, while the recent pullback in U.S. gasoline consumption also eroded bullish sentiment surrounding the commodity,\u201d said Tan. <\/p>\n<p><strong>Read:<\/strong> Demand destruction sinks oil prices as gasoline inventories send warning signal<\/p>\n<p>Although demand-side fears have assumed control over oil benchmarks so far this month, oil prices may yet recover if \u201cattentions are allowed to shift back on the expected market deficit,\u201d Tan said. \u201cA sustained Chinese economic recovery, perhaps coupled with further OPEC+ output cuts, may well help oil prices unwind recent declines and potentially revive forecasts for $100 oil.\u201d<\/p>\n<p>Crude had rallied over the summer and into fall on fears of a growing supply deficit, exacerbated by Saudi Arabia\u2019s implementation of a production cut of 1 million barrels a day in July, which was recently extended through year-end. Russia has also moved to cut exports by 300,000 barrels a day over the same stretch.<\/p>\n<p>However, oil has pulled back hard after WTI last week briefly topped $95 a barrel for the first time since August 2022 and Brent moved within a few dollars of the $100 threshold. <\/p>\n<p>The reversal came after the U.S. Energy Information Administration on Wednesday reported that average gasoline demand over the last four weeks fell 5% from the same period last year.<\/p>\n<p>Meanwhile, news reports said Russia\u2019s government on Friday moved to lift a ban on most diesel exports that had been put in place last month, while a ban on gasoline exports remained in place.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-on-track-for-big-weekly-fall-as-focus-shifts-to-demand-fears-3347aa8e?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures climbed on Friday, but the gain did little to pare a big weekly decline as investors shifted their focus away from tightening supplies after signs a surge toward $100 a barrel was destroying demand. Stronger-than-expected U.S. jobs data released Friday led to expectations for higher interest rates, and a surge in bond yields, [&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-69832","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 futures end higher, but post sharp weekly decline as the market stares out at a \u2018darkening global demand outlook\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures climbed on Friday, but the gain did little to pare a big weekly decline as investors shifted their focus away from tightening supplies 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