{"id":90048,"date":"2024-03-04T08:01:13","date_gmt":"2024-03-04T13:01:13","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90048"},"modified":"2024-03-04T08:01:14","modified_gmt":"2024-03-04T13:01:14","slug":"oil-futures-climb-more-than-6-for-the-week","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90048","title":{"rendered":"Oil futures climb more than 6% for the week"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002933868\" role=\"document\">\n<p>Oil prices gave up early losses to finish higher on Friday \u2014 with production outages in the U.S., strong economic data and concerns about shipping in the Middle East contributing to a more than 6% weekly gain. <\/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\">-0.46%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.46%<\/bg-quote><\/p>\n<p>        CLH24<span><\/span><br \/>\n       rose 65 cents, or 0.8%, to settle at $78.01 a barrel on the New York Mercantile Exchange, with front-month prices up 6.5% for the week, according to  Dow Jones Market Data. That is the biggest weekly rise since Sept. 1. <\/p>\n<\/li>\n<li>\n      March Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.34%<\/bg-quote><\/p>\n<p>        BRNH24<span>,<\/span><br \/>\n       the global benchmark, added $1.12, or 1.4%, at $83.55 a barrel on ICE Futures Europe, for a nearly 6.4% weekly rise \u2014 the largest since Oct. 13. <\/p>\n<\/li>\n<li>\n      February gasoline<br \/>\n        RBG24<span><\/span><br \/>\n       climbed 1.3% to $2.29 a gallon, ending 6.1% higher for the week, while February heating oil<br \/>\n        HOG24<span><\/span><br \/>\n       tacked on 1.7% to $2.84 a gallon, for a weekly rise of 6.8%.<\/p>\n<\/li>\n<li>\n      Natural gas for February delivery<br \/>\n        NGG24<span><\/span><br \/>\n       settled at $2.71 per million British thermal units, up 5.5%, for a weekly rise of 7.7%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Large U.S. oil supply and production drawdowns provided support for prices. However, \u201cmuch of the day-to-day trading seems to really be getting driven by sentiment toward China,\u201d said Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management.  <\/p>\n<div class=\"paywall\">\n<p>\u201cOil soared the last two days as China stimulus boosted Hong Kong and Shanghai,\u201d he said. <\/p>\n<p>Prices had traded lower early Friday before recovering their losses. The pullback came after Reuters reported that Chinese officials asked Iran to help rein in attacks on ships in the Red Sea by Iranian-backed Houthi militants in Yemen, or risk business relations with Beijing. The report noted that China is seen as the buyer of around 90% of Iran\u2019s crude exports.<\/p>\n<p>The attacks have prompted strikes on Houthi targets by the U.S. military and its allies and forced the rerouting of cargo ships and oil tankers \u2014 creating delays and escalating shipping costs, but not yet disrupting oil flows from the Middle East. <\/p>\n<p>Supply reductions out of the U.S. due to cold weather in North Dakota, Texas and elsewhere have received credit for much of oil\u2019s gains this week. <\/p>\n<p>This week\u2019s rally represents a return to a \u201csomewhat-normal winter\u201d after what\u2019s been referred to as the warmest December in 150 years, which reduced demand for heating oil and pressured prices for oil, said Jay Hatfield, chief executive officer at Infrastructure Capital Advisors.<\/p>\n<p><strong>Also see:<\/strong> Why natural-gas prices are falling despite the largest supply drop in 3 years<\/p>\n<p>His company estimates WTI oil\u2019s 2024 price range at $75 to $95, \u201cbased on global supply-and-demand analysis, supported by improving growth in China and India and continued OPEC production constraint.\u201d<\/p>\n<p>In a note, strategists at Macquarie said they remain \u201cstructurally bearish on crude but tactically neutral to slightly bullish until Middle East tensions either equilibrate or abate.\u201d<\/p>\n<p>\u201cBarring an escalation, we anticipate price will stay in its current range for 1Q24 as no supply loss is expected,\u201d they said. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-pull-back-but-remain-set-for-strong-weekly-gains-44d59702?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices gave up early losses to finish higher on Friday \u2014 with production outages in the U.S., strong economic data and concerns about shipping in the Middle East contributing to a more than 6% weekly gain. Price moves West Texas Intermediate crude for March delivery CL00, -0.46% CL.1, -0.46% CLH24 rose 65 cents, or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":90049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-90048","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 climb more than 6% for the week | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil prices gave up early losses to finish higher on Friday \u2014 with production outages in the U.S., strong economic data and concerns about shipping in the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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