{"id":77259,"date":"2023-10-26T21:00:49","date_gmt":"2023-10-27T01:00:49","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-mark-first-gain-in-4-sessions-as-risks-of-market-disruptions-in-the-middle-east-remain\/"},"modified":"2023-10-26T21:00:54","modified_gmt":"2023-10-27T01:00:54","slug":"oil-prices-mark-first-gain-in-4-sessions-as-risks-of-market-disruptions-in-the-middle-east-remain","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77259","title":{"rendered":"Oil prices mark first gain in 4 sessions as risks of market disruptions in the Middle East remain"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002654174\" role=\"document\">\n<p>Oil prices finished higher on Wednesday, buoyed by renewed worries over the potential for market disruptions in the Middle East, after losing much of their Israel-Hamas war premium during three consecutive session declines. <\/p>\n<p>Prices had been bogged down in early dealings as the trouble in the Middle East has yet to impact the oil industry in the region, and after U.S. government data revealed weekly gains in domestic crude and gasoline inventories. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for December delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.59%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.59%<\/bg-quote><br \/>\n       climbed by $1.65, or 2%, to settle at $85.39 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      December Brent crude\u00a0<br \/>\n        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"positive\">+0.55%<\/bg-quote><span>,<\/span><br \/>\n       the international benchmark, added $2.06, or 2.3%, to $90.13 a barrel on ICE Futures Europe. Both Brent and WTI crude on Tuesday posted a third consecutive session decline.<\/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\">+0.68%<\/bg-quote><br \/>\n       edged up by 0.7% to $2.28 a gallon on Nymex, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"positive\">+0.13%<\/bg-quote><br \/>\n       lost 0.5% at $3.03 a gallon. <\/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\">+1.52%<\/bg-quote><br \/>\n       gained 1.3% to $3.01 per million British thermal units ahead of U.S. supply data due out Thursday.<\/p>\n<\/li>\n<\/ul>\n<h2>Market moves<\/h2>\n<p>\u201cTrading is being driven more by global factors like political developments in the Middle East more than weekly inventory data,\u201d said Colin Cieszynski, chief market strategist at SIA Wealth Management. <\/p>\n<p>At this point, oil continues to attract significant support above the $75 to $80 level, and \u201cunless something significant happens on the supply, demand or political side, this upward trend remains intact,\u201d he told MarketWatch. <\/p>\n<p>WTI crude futures, the U.S. benchmark, had settled at $82.79 a barrel the day before the Hamas attack on Israel on Oct. 7 and peaked at a settlement high above $89 a barrel late last week, according to FactSet data. U.S. benchmark prices have given up some of the gains seen since the start of the war. <\/p>\n<p>Disappointing data on European economic activity helped weigh on oil prices Tuesday, as did the release of more Hamas hostages and the delay of the expected Israeli ground invasion of Gaza. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span>\u2018The crux of the matter is that there has been no interruption in the Middle East\u2019s oil supply.\u2019<span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span>\n      <\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Stephen Innes, SPI Asset Management<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>\u201cThe crux of the matter is that there has been no interruption in the Middle East\u2019s oil supply,\u201d said Stephen Innes, managing partner at SPI Asset Management, in market commentary.<\/p>\n<p>Tyler Richey, co-editor at Sevens Report Research, pointed out that during Wednesday\u2019s session, oil futures briefly plunged to new session lows after a preliminary news headline crossed the wires about Israel agreeing to delay a ground invasion of Gaza, but reports then said the provided reason for the delay was that the Israeli military was awaiting the arrival of U.S. missile support.<\/p>\n<p>All of that \u201csuggests an invasion is still imminent \u2014 just not right at this moment,\u201d Richey said. <\/p>\n<h2>Supply data<\/h2>\n<p>On Wednesday, the U.S. Energy Information Administration reported weekly increases in domestic crude and gasoline supplies but declines in distillate stockpiles.<\/p>\n<p>U.S. commercial crude inventories climbed by 1.4 million barrels for the week ending Oct. 20, the EIA said. <\/p>\n<p>Macquarie forecast a climb of 1.1 million barrels. Late Tuesday, the American Petroleum Institute reported a weekly decline in U.S. crude supplies of 2.7 million barrels, according to sources citing the data.<\/p>\n<p>The EIA report also revealed a supply increase of 200,000 barrels for gasoline, while distillate stockpiles declined by 1.7 million barrels. Macquarie forecast inventory decreases of 1.3 million barrels for gasoline and 3.3 million barrels for distillates. <\/p>\n<p>An implied measure of consumer gasoline demand, known as total motor gasoline supplied, was \u201clargely steady with its smoother four-week moving average rising to a more-than-one-month-high,\u201d said Sevens Report\u2019s Richey. \u201cThat firming demand metric amid an unexpected drop in refinery runs last week is likely to result in some near-term pressure on supply, which is bullish for energy prices.\u201d<\/p>\n<p>Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 200,000 barrels for the week, the EIA said, while domestic petroleum production remained at 13.2 million barrels per day.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-tread-water-after-wiping-out-more-than-half-of-octobers-gains-b868ae2b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices finished higher on Wednesday, buoyed by renewed worries over the potential for market disruptions in the Middle East, after losing much of their Israel-Hamas war premium during three consecutive session declines. Prices had been bogged down in early dealings as the trouble in the Middle East has yet to impact the oil industry [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-77259","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 mark first gain in 4 sessions as risks of market disruptions in the Middle East remain | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil prices finished higher on Wednesday, buoyed by renewed worries over the potential for market disruptions in the Middle East, after losing much of\" \/>\n<meta name=\"robots\" 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