{"id":85351,"date":"2023-11-16T13:20:38","date_gmt":"2023-11-16T18:20:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-declines-with-demand-worries-and-rise-in-u-s-supplies-pulling-prices-to-their-lowest-since-july\/"},"modified":"2023-11-16T13:20:40","modified_gmt":"2023-11-16T18:20:40","slug":"oil-declines-with-demand-worries-and-rise-in-u-s-supplies-pulling-prices-to-their-lowest-since-july","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85351","title":{"rendered":"Oil declines with demand worries and rise in U.S. supplies pulling prices to their lowest since July"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002734708\" role=\"document\">\n<p>Oil futures declined on Thursday, with worries about energy demand and a sharp rise in U.S. crude inventories over the past two weeks prompting prices to trade at their lowest levels since July.<\/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\">-5.49%<\/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\">-5.49%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"negative\">-5.49%<\/bg-quote><br \/>\n       fell $2.69, or 3.5%, to $73.97 a barrel on the New York Mercantile Exchange. <\/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\">-5.24%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"negative\">-5.24%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was down $2.32, or 2.9%, at $78.86 a barrel on ICE Futures Europe. Based on the front-month contracts, Brent and WTI crude were both poised for the lowest settlements since July.<\/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\">-4.92%<\/bg-quote><br \/>\n       lost 3.4% to $2.1268 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\">-4.41%<\/bg-quote><br \/>\n       shed 3% to $2.7818 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\">-4.42%<\/bg-quote><br \/>\n       traded at $3.087 per million British thermal units, down 3.2%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cAlthough the recent builds in U.S. [crude] inventories aren\u2019t helping matters, the decline in crude-oil prices appears to be driven by concerns about falling demand,\u201d Colin Cieszynski, chief market strategist at SIA Wealth Management, told MarketWatch.<\/p>\n<div class=\"paywall\">\n<p>WTI crude prices on Thursday started to \u201creally slide about the time that the poor U.S. industrial-production report came out \u2014 a sign of a potentially softening economy that could impact energy demand,\u201d he said.<\/p>\n<p>Industrial production fell 0.6% in October, the Federal Reserve reported Thursday. Economists surveyed by the Wall Street Journal expected a decline of 0.4%.<\/p>\n<p>The National Association of Home Builders monthly confidence index, also released Thursday, showed a decline of 6 points to 34 in November. Cieszynski referred to the reading as \u201cterrible\u201d and said it \u201cadds to the case of softening economy.\u201d<\/p>\n<p>Meanwhile, the Energy Information Administration on Wednesday released two weeks of U.S. petroleum-supply data, after having delayed last week\u2019s numbers due to planned system updates.<\/p>\n<p><strong>Read:<\/strong> Why the U.S. government is changing the way it collects data on the oil market<\/p>\n<p>The government agency reported that U.S. commercial crude inventories rose by 3.6 million barrels for the week ending Nov. 10 to total 439.4 million barrels. The data showed inventories rose 13.9 million barrels in the week ending Nov. 3, for a two-week rise of 17.5 million barrels. <\/p>\n<p>At 439.4 million barrels, crude stocks are below the five-year average but are trending back toward more typical levels for this time of year, ING commodity analysts Warren Patterson and Ewa Manthey noted.<\/p>\n<p>In terms of oil demand, \u201cit also appears that seasonal factors may be playing a role,\u201d SIA Wealth\u2019s Cieszynski said. \u201cCrude oil has dropped off along with gasoline following the end of summer driving and air-travel season, while natural gas has been stable lately,\u201d relatively outperforming oil with the winter home-heating season approaching, he said. <\/p>\n<p>In a report Thursday, the EIA said U.S. natural-gas supplies in storage rose by 60 billion cubic feet for the week ending Nov. 10. It also said supplies declined by 6 billion cubic feet for the week ending Nov. 3. <\/p>\n<p>On average, analysts surveyed by S&amp;P Global Commodity Insights forecast an increase of 32 billion cubic feet for the two-week period ending Nov. 10. <\/p>\n<p>Meanwhile, Amos Hochstein, a White House energy adviser, told Bloomberg on Wednesday that the U.S. would enforce sanctions against Iran and that the country\u2019s crude exports \u201cwill come down.\u201d Lax enforcement of the sanctions has been seen as allowing Iranian crude exports to grow. <\/p>\n<p>Stricter enforcement of sanctions could take 500,000 to 1 million barrels a day of crude off the market, Patterson and Manthey said, \u201cenough to tighten up the global oil balance significantly through 2024.\u201d<\/p>\n<p>The decline would be partly offset by a marginal rise in Venezuelan supplies after the U.S. eased sanctions on that country, as well as by the potential restart of Kurdish oil flows that could bring around 500,000 barrels a day back onto the market, the analysts said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-extend-decline-after-further-rise-in-u-s-crude-inventories-be0e2e70?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures declined on Thursday, with worries about energy demand and a sharp rise in U.S. crude inventories over the past two weeks prompting prices to trade at their lowest levels since July. Price action West Texas Intermediate crude CL00, -5.49% for December delivery CL.1, -5.49% CLZ23, -5.49% fell $2.69, or 3.5%, to $73.97 a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-85351","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 declines with demand worries and rise in U.S. supplies pulling prices to their lowest since July | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures declined on Thursday, with worries about energy demand and a sharp rise in U.S. crude inventories over the past two weeks prompting prices to\" 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