{"id":89738,"date":"2024-02-11T20:56:42","date_gmt":"2024-02-12T01:56:42","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89738"},"modified":"2024-02-11T20:56:45","modified_gmt":"2024-02-12T01:56:45","slug":"oil-logs-back-to-back-gain-as-middle-east-conflict-keeps-supply-risk-elevated","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89738","title":{"rendered":"Oil logs back-to-back gain as Middle East conflict keeps supply risk \u2018elevated\u2019"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002970362\" role=\"document\">\n<p>Oil futures on Tuesday notched back-to-back gains to start the week, after a rout last week sent crude to three-week lows as the latest conflict developments in the Middle East fed concerns over risks to global crude supplies.<\/p>\n<h2>Price moves<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for March delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.57%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.57%<\/bg-quote><\/p>\n<p>        CLH24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724050\/delayed\" class=\"negative\">-0.57%<\/bg-quote><br \/>\n       rose 53 cents, or 0.7%, to settle at $73.31 a barrel on the New York Mercantile Exchange, after tacking on 0.7% on Monday.<\/p>\n<\/li>\n<li>\n      April Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.49%<\/bg-quote><\/p>\n<p>        BRNJ24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705259\/delayed\" class=\"negative\">-0.49%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added 60 cents, or 0.8%, at $78.59 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      March gasoline<br \/>\n        RBH24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/222932170\/delayed\" class=\"negative\">-0.38%<\/bg-quote><br \/>\n       climbed by 0.4% to $2.22 a gallon, while March heating oil<br \/>\n        HOH24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/222932065\/delayed\" class=\"negative\">-0.84%<\/bg-quote><br \/>\n       rose 0.7% to $2.74 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for March delivery<br \/>\n        NGH24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190118\/delayed\" class=\"negative\">-2.49%<\/bg-quote><br \/>\n       settled at $2.01 per million British thermal units, down 3.5% and the lowest level since mid-April.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Negative developments concerning the U.S. and Iran \u201cmay keep supply risks elevated, translating to further gains\u201d for U.S. benchmark oil prices, said Lukman Otunuga, manager of market analysis at FXTM. \u201cGeopolitical tensions are likely to keep crude bulls in the game above $70.\u201d <\/p>\n<div class=\"paywall\">\n<p>Still, upside price gains may be \u201ccapped down the road due to rapidly falling expectations around aggressive Fed rate cuts and growing concerns over China\u2019s economy,\u201d he told MarketWatch.<\/p>\n<p>Traders continued to assess the potential threat to oil supplies after a series of weekend strikes led by the U.S. against Iran-backed paramilitaries and groups, in retaliation for a drone strike last month that killed three U.S. troops. The strikes also hit Iran-backed Houthi militants in Yemen, who vowed to strike back.<\/p>\n<p>Disruptions to oil production due to the war between Israel and Hamas have \u201cso far been limited, but renewed attacks on U.S. bases in Syria on Monday point to ongoing risks of an escalation, which will likely trigger volatility in oil prices ahead,\u201d analysts at UBS wrote in a Tuesday note.<\/p>\n<p>U.S. Secretary of State Antony Blinken returned to the Middle East this week, meeting Monday with Saudi Arabia\u2019s crown prince as he attempted to foster progress toward a ceasefire between Israel and Hamas. Signs of progress toward a ceasefire agreement \u2014 one that would also see the release of Israeli hostages held by Hamas \u2014 contributed to last week\u2019s rout in crude prices. <\/p>\n<p>Beyond the uncertainty in Gaza, \u201ctensions in the Middle East persist following the U.S. commitment to protect its troops, especially after a lethal drone strike in Jordan,\u201d which \u201cintensifies regional instability,\u201d said Antonio Ernesto Di Giacomo, market analyst for Latin America at XS.com, in market commentary. <\/p>\n<p>The UBS analysts, meanwhile, noted that estimates showed crude production by the Organization of the Petroleum Exporting Countries down by 410,000 barrels a day in January, the biggest monthly fall since July.<\/p>\n<p>The decline was attributed to voluntary OPEC+ production cuts, as well as the temporary shut-in of Libya\u2019s largest oil field. Meanwhile, U.S. crude output likely fell by around 300,000 barrels a day last month due to cold weather, they said.<\/p>\n<p>\u201cSo, we continue to advise investors with a high risk tolerance to sell Brent\u2019s downside price risks, or to add exposure to longer-dated Brent oil contracts,\u201d the UBS analysts wrote. \u201cAgainst the current uncertain backdrop, oil and energy stocks can also be utilized to insulate portfolios from market risks.\u201d<\/p>\n<p>Over in the U.S., the Energy Information Administration\u2019s monthly Short-term Energy Outlook report on Tuesday revealed a rise in January natural-gas consumption to a record high, driven by severe U.S. winter weather. <\/p>\n<p><strong>Read:<\/strong> U.S. natural-gas consumption hit a record in January. So why are prices falling?<\/p>\n<p>The government agency on Wednesday will release its weekly petroleum-supply data. On average, analysts polled by S&amp;P Global Commodity Insights expect the data to show a climb of 600,000 barrels in commercial, domestic crude supplies for the week ended Feb. 2. They also forecast an inventory rise of 300,000 barrels for gasoline, and a decline of 2.4 million barrels in distillate stockpiles. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-higher-as-traders-warn-middle-east-conflict-could-stoke-volatility-4f6098d3?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures on Tuesday notched back-to-back gains to start the week, after a rout last week sent crude to three-week lows as the latest conflict developments in the Middle East fed concerns over risks to global crude supplies. Price moves West Texas Intermediate crude for March delivery CL00, -0.57% CL.1, -0.57% CLH24, -0.57% rose 53 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":89739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-89738","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 logs back-to-back gain as Middle East conflict keeps supply risk \u2018elevated\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures on Tuesday notched back-to-back gains to start the week, after a rout last week sent crude to three-week lows as the latest conflict\" \/>\n<meta name=\"robots\" content=\"index, follow, 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