{"id":85006,"date":"2023-11-15T18:25:45","date_gmt":"2023-11-15T23:25:45","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/u-s-oil-prices-give-up-gains-to-finish-flat-ahead-of-government-data-on-crude-supplies\/"},"modified":"2023-11-15T18:25:46","modified_gmt":"2023-11-15T23:25:46","slug":"u-s-oil-prices-give-up-gains-to-finish-flat-ahead-of-government-data-on-crude-supplies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85006","title":{"rendered":"U.S. oil prices give up gains to finish flat ahead of government data on crude supplies"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002724834\" role=\"document\">\n<p>Oil futures ended Tuesday on a mixed note, with U.S. benchmark prices flat and global crude prices down a nickel, as traders awaited a report due Wednesday from the Energy Information Administration covering two weeks\u2019 worth of petroleum supply data. <\/p>\n<p>Oil prices gave up early gains that had followed a report from the International Energy Agency which raised the outlook for 2024 growth in oil demand. U.S. prices had also found early support from weakness in the dollar in the wake data showing U.S. inflation was unchanged in October. <\/p>\n<div class=\"paywall\">\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\">-0.20%<\/bg-quote><br \/>\n       for December delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.20%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"negative\">-0.20%<\/bg-quote><br \/>\n       settled flat at $78.26 a barrel on the New York Mercantile Exchange after trading as high as $79.77.<\/p>\n<\/li>\n<li>\n      January Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.14%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"negative\">-0.14%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, lost 5 cents, or nearly 0.1%, to settle at $82.47 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      December gasoline<br \/>\n        RBZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376535\/delayed\" class=\"negative\">-0.14%<\/bg-quote><br \/>\n       declined by 0.6% to $2.22 a gallon, while December heating oil<br \/>\n        HOZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376454\/delayed\" class=\"negative\">-0.08%<\/bg-quote><br \/>\n       shed nearly 0.1% to $2.84 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for December delivery<br \/>\n        NGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210195288\/delayed\" class=\"negative\">-1.35%<\/bg-quote><br \/>\n       settled at $3.11 per million British thermal units, down nearly 2.9%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cIt seems like a combination of the less optimistic demand outlook in the IEA\u2019s monthly outlook report, and trader positioning into a double dose of weekly EIA data releases\u201d Wednesday led to oil to come off session\u2019s price highs, said Tyler Richey, co-editor at Sevens Report Research.<\/p>\n<p>Still, \u201cbased on the risk-on tone in equity markets so far in November amid soft landing hopes, risks are skewed to the upside into the end of the week pending good consumer demand readings for refined products in the EIA data,\u201d he said told MarketWatch.<\/p>\n<p>The EIA report will include supply data covering two weeks \u2014 for the weeks ended Nov. 3 and Nov. 10 \u2014 after a planned systems upgrade led the EIA to delay last week\u2019s report releases.<\/p>\n<p>On average, analysts polled by S&amp;P Global Commodity Insights forecast a climb of 4.5 million barrels in U.S. commercial crude supplies for the two weeks ending Nov. 10. They also forecast two-week inventory declines of 1.3 million barrels for gasoline and 2.7 million barrels for distillate supplies.<\/p>\n<p><strong>Read<\/strong> Drop in U.S. gasoline prices will lead to more than $1 billion in Thanksgiving travel savings: report<\/p>\n<p>Meanwhile, on Tuesday, the IEA, which \u201cnotoriously has underreported demand in the past is now saying the global oil demand is going to hit a record high of 102 million barrels a day in 2023,\u201d said Phil Flynn, senior market analyst at The Price Futures Group, in a daily note. <\/p>\n<p>The Paris-based IEA on Tuesday raised its forecast for growth in demand this year by 100,000 barrels a day to 2.4 million barrels a day, which would take total demand to an average of 102 million barrels a day. <\/p>\n<p>However, the IEA expects demand and supply to temper next year, as the effects of slower global growth and high interest rates take hold. <\/p>\n<p>Supply overall is expected to rise by 1.6 million barrels a day, taking average supply to 103.4 million barrels a day. Meanwhile, demand in 2024 is expected to rise by 930,000 barrels a day, taking average demand to 102.9 million barrels a day, leading to a small surplus.<\/p>\n<p><strong>Also see:<\/strong> OPEC nudges up forecast for 2023 oil-demand growth, leaves 2024 unchanged<\/p>\n<p>Oil had been due for a bounce after an \u201cextreme\u201d selloff that last week took WTI and Brent to their lowest levels since mid-July, Warren Patterson and Ewa Manthey, commodity analysts at ING, said in a Friday note.<\/p>\n<p>\u201cWhile fundamentals may not be as bullish as initially thought, they are still supportive, with the market likely to be in deficit for the remainder of this year,\u201d they wrote. \u201cThe surplus we see early next year could even be erased if the Saudis roll over their additional voluntary supply cuts.\u201d<\/p>\n<p>Saudi Arabia in July implemented a cut of 1 million barrels a day that it has extended through the end of the year The reduction was on top of existing cuts by OPEC+, which is made up of the Organization of the Petroleum Exporting Countries and its allies. A Nov. 26 OPEC+ meeting will be watched to see if cuts are extended into 2024.<\/p>\n<p><strong>Also see:<\/strong> Here are the biggest clean-energy transition challenges and investment opportunities<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-aim-for-4th-straight-rise-as-international-energy-agency-raises-outlook-for-demand-growth-aaa95f15?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended Tuesday on a mixed note, with U.S. benchmark prices flat and global crude prices down a nickel, as traders awaited a report due Wednesday from the Energy Information Administration covering two weeks\u2019 worth of petroleum supply data. Oil prices gave up early gains that had followed a report from the International Energy [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-85006","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>U.S. oil prices give up gains to finish flat ahead of government data on crude supplies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures ended Tuesday on a mixed note, with U.S. benchmark prices flat and global crude prices down a nickel, as traders awaited a report due\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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