{"id":71494,"date":"2023-10-11T15:15:48","date_gmt":"2023-10-11T19:15:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-trade-lower-for-a-second-day-as-investors-gauge-israel-gaza-war-for-supply-threat\/"},"modified":"2023-10-11T15:15:51","modified_gmt":"2023-10-11T19:15:51","slug":"oil-prices-trade-lower-for-a-second-day-as-investors-gauge-israel-gaza-war-for-supply-threat","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=71494","title":{"rendered":"Oil prices trade lower for a second day as investors gauge Israel-Gaza war for supply threat"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002601131\" role=\"document\">\n<p>Oil futures headed lower Wednesday for a second session in a row, with traders awaiting any sign the Israel-Gaza war will spill over to threaten crude supply.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-2.44%<\/bg-quote><br \/>\n       for November delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-2.44%<\/bg-quote><\/p>\n<p>        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"negative\">-2.44%<\/bg-quote><br \/>\n       fell $1.20, or 1.4%, to $84.77 a barrel on the New York Mercantile Exchange after posting a 0.5% loss on Tuesday.<\/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=\"positive\">+0.44%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"positive\">+0.44%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was off 95 cents, or 1.1%, at $86.70 a barrel on ICE Futures Europe, a day after losing 0.6%. <\/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=\"negative\">-1.84%<\/bg-quote><br \/>\n       declined by 0.6% to $2.244 a gallon, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"negative\">-0.49%<\/bg-quote><br \/>\n       lost 1.1% to $2.9866 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for November delivery<br \/>\n        NGX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194966\/delayed\" class=\"negative\">-0.30%<\/bg-quote><br \/>\n       traded at $3.273 per million British thermal units, down 3.2%. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil futures were lower for a second straight day after spiking more than 4% on Monday as traders reacted to the weekend attack by Hamas that prompted a declaration of war by Israel. <\/p>\n<div class=\"paywall\">\n<p>Israel isn\u2019t a major oil producer, but investors are focused on whether the conflict escalates. The Wall Street Journal on Sunday reported that Iranian military officials helped plan and coordinate the Hamas attack. White House national security adviser Jake Sullivan has described Iran as \u201ccomplicit\u201d in the attacks, having long provided funding and training to Hamas, but has said the U.S. so far hasn\u2019t had confirmation Tehran had advance knowledge of the attack.<\/p>\n<p>Iranian oil exports fell sharply after the Trump administration withdrew the U.S. from a nuclear accord with Tehran in 2018 and reimposed sanctions. Production and exports have since recovered partially, with output hitting 3.1 million barrels a day this summer, according to data cited by Commerzbank. Exports were estimated to have recovered to around 2 million barrels a day.<\/p>\n<p>\u201cBefore the attacks, the U.S. had adopted a softer posture toward Iran, allowing it to approach pre-2018 levels of oil production,\u201d said Hakan Kaya, senior portfolio manager at Neuberger Berman, in an emailed blog post.  \u201cHowever, given recent events and Iran\u2019s known support for Hamas, the U.S. may adopt a stricter stance, potentially leading to a reduction in Iranian oil supply.\u201d<\/p>\n<p>The recent attacks, meanwhile have also decreased the changes of a \u201cnear-term normalization of Saudi-Israeli relations,\u201d Kaya said, noting that before last weekend\u2019s developments, Saudi Arabia has reportedly expressed willingness to boost oil production if crude prices remained high. <\/p>\n<p>The latest developments \u201ccould potentially affect Saudi oil production plans, leading them to extend their existing cuts for a longer period, which could further deplete already low global oil inventories,\u201d he said.<\/p>\n<p><strong>Read:<\/strong> Here\u2019s what Israel-Gaza war means for oil prices as fighting continues<\/p>\n<p>In a note,  analysts at ING wrote that \u201cif the conflict is contained to Israel and Hamas we would expect the current risk premium to slowly erode. However, there is still a risk that this escalates, particularly if there is any Iranian involvement.\u201d<\/p>\n<p>Under that scenario, stronger enforcement of U.S. sanctions on Iranian oil would tighten up the oil market through 2024,\u201d they said.<\/p>\n<p>Brent and WTI in late September hit 2023 highs above $90 a barrel on concerns over a growing supply deficit, but retreated sharply last week. <\/p>\n<p>Meanwhile, energy traders digested news that Exxon Mobil Corp.<br \/>\n        XOM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204455864\/composite\" class=\"negative\">-4.19%<\/bg-quote><br \/>\n       plans to buy Pioneer Natural Resources Co.<br \/>\n        PXD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206736173\/composite\" class=\"positive\">+1.07%<\/bg-quote><br \/>\n       for about $59.5 billion in stock. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-lower-as-investors-gauge-israel-gaza-war-for-supply-threat-5350e0e2?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures headed lower Wednesday for a second session in a row, with traders awaiting any sign the Israel-Gaza war will spill over to threaten crude supply. Price action West Texas Intermediate crude CL00, -2.44% for November delivery CL.1, -2.44% CLX23, -2.44% fell $1.20, or 1.4%, to $84.77 a barrel on the New York Mercantile [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-71494","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices trade lower for a second day as investors gauge Israel-Gaza war for supply threat | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures headed lower Wednesday for a second session in a row, with traders awaiting any sign the Israel-Gaza war will spill over to 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