{"id":8140,"date":"2023-05-13T07:13:29","date_gmt":"2023-05-13T11:13:29","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-futures-settle-at-their-lowest-in-a-week-as-recession-worries-pull-prices-down-a-second-day\/"},"modified":"2023-05-13T07:13:30","modified_gmt":"2023-05-13T11:13:30","slug":"oil-futures-settle-at-their-lowest-in-a-week-as-recession-worries-pull-prices-down-a-second-day","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8140","title":{"rendered":"Oil futures settle at their lowest in a week, as recession worries pull prices down a second day"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002039789\" role=\"document\">\n<p>Oil futures settled at their lowest in a week on Thursday, with ongoing worries about a potential recession pulling U.S. and global benchmark crude prices down a second day in a row. <\/p>\n<p>U.S. prices on Wednesday settled lower, snapping a three-session streak of gains following data that showed a rise in U.S. crude inventories.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for June delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-1.10%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-1.10%<\/bg-quote><\/p>\n<p>        CLM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724952\/delayed\" class=\"negative\">-1.10%<\/bg-quote><br \/>\n       fell $1.69, or 2.3%, to settle at at $70.87 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      July Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"\"><\/bg-quote><\/p>\n<p>        BRNN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705271\/delayed\" class=\"\"><\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, lost $1.43, or 1.9%, at $74.98 on ICE Futures Europe. Brent, as well as WTI crude marked the lowest front-month settlements since May 4, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Back on Nymex, June gasoline<br \/>\n        RBM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376517\/delayed\" class=\"negative\">-1.13%<\/bg-quote><br \/>\n       fell 1.5% to $2.46 a gallon, while June heating oil<br \/>\n        HOM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376436\/delayed\" class=\"negative\">-2.03%<\/bg-quote><br \/>\n       declined by 1.8% at $2.35 a gallon.<\/p>\n<\/li>\n<li>\n      June natural gas<br \/>\n        NGM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190794\/delayed\" class=\"positive\">+4.02%<\/bg-quote><br \/>\n       settled little changed at $2.19 per million British thermal units, down less than 0.1% for the session.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>There are \u201cmultiple notable influences\u201d on the oil market right now, including, the U.S. debt ceiling drama, simmering regional bank worries, and inflation expectations driving a still-aggressive Federal Reserve policy outlook, which will ultimately result in a potentially deep economic recession, which would crush demand, analysts at Sevens Report Research wrote in Thursday\u2019s newsletter.<\/p>\n<p>\u201cThose factors will continue to influence oil prices and refined products in the near term as debt ceiling woes, bank fears, and the threat of recession will all put pressure on the energy complex, while improvement in any [or] all will provide the market with a tailwind and relief rally,\u201d they said. <\/p>\n<p>WTI snapped a three-day winning streak on Wednesday, and Brent broke a four-day string of wins on Wednesday, after the Energy Information Administration said U.S. commercial crude inventories rose\u00a0by 3 million barrels for the week ending May 5. On average, analysts had forecast a decline of 1.8 million barrels, according to a survey by S&amp;P Global Commodity Insights.<\/p>\n<p>Product numbers, however, were more supportive, with gasoline and distillate fuel oil inventories falling by 3.2 million and 4.2 million, respectively. <\/p>\n<p>Implied demand was stronger over the week, driven by gasoline, which increased by 685,000 barrels a day, bringing the four-week rolling average gasoline demand just short of 9 million barrels a day, wrote analysts at ING, in a note.<\/p>\n<p>In terms of oil prices, analysts at Sevens Report Research said they \u201cmaintain the view that WTI prices are in a broad trading range with support near $67 and resistance near $83, leaving the $75 area as a key, magnetic pivot point that prices are likely to oscillate around.\u201d<\/p>\n<p>In a monthly report issued Thursday, the Organization of the Petroleum Exporting Countries left its outlook for growth in world oil demand unchanged at 2.3 million barrels a day, with a small rise for China offset by slight declines for other regions. It expected total world oil demand of 101.9 million barrels a day in 2023, though also said the forecast was \u201csubject to many uncertainties.\u201d<\/p>\n<p>Natural-gas futures, meanwhile, ended little changed after the U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies climbed by 78 billion cubic feet for the week ended May 5. Analysts had called for a storage increase of 73 billion cubic feet on average, according to a survey conducted by S&amp;P Global Commodity Insights.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-edges-lower-after-u-s-crude-snaps-3-day-winning-streak-eebf7c8b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled at their lowest in a week on Thursday, with ongoing worries about a potential recession pulling U.S. and global benchmark crude prices down a second day in a row. U.S. prices on Wednesday settled lower, snapping a three-session streak of gains following data that showed a rise in U.S. crude inventories. Price [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-8140","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 settle at their lowest in a week, as recession worries pull prices down a second day | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures settled at their lowest in a week on Thursday, with ongoing worries about a potential recession pulling U.S. and global benchmark crude prices\" \/>\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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