{"id":90062,"date":"2024-03-05T08:01:44","date_gmt":"2024-03-05T13:01:44","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90062"},"modified":"2024-03-05T08:01:45","modified_gmt":"2024-03-05T13:01:45","slug":"oil-prices-settle-at-nearly-2-month-high-after-drop-in-u-s-output-and-supplies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90062","title":{"rendered":"Oil prices settle at nearly 2-month high after drop in U.S. output and supplies"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002929281\" role=\"document\">\n<p>Oil futures rose Thursday to settle at their highest prices since late November after government data showed larger-than-anticipated drops in U.S. crude inventories and production.<\/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\">-0.89%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.89%<\/bg-quote><\/p>\n<p>        CLH24<span><\/span><br \/>\n       rose $2.27, or 3%, to settle at $77.36 a barrel on the New York Mercantile Exchange.<\/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\">-0.77%<\/bg-quote><\/p>\n<p>        BRNH24<span>,<\/span><br \/>\n       the global benchmark, climbed $2.39, or 3%, at $82.43 a barrel on ICE Futures Europe. Brent and WTI oil settled at their highest levels since late November, according to Dow Jones Market Data. <\/p>\n<\/li>\n<li>\n      February gasoline<br \/>\n        RBG24<span><\/span><br \/>\n       added 2.5% to $2.26 a gallon, while February heating oil<br \/>\n        HOG24<span><\/span><br \/>\n       rose 4.2% to $2.80 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for February delivery<br \/>\n        NGG24<span><\/span><br \/>\n       settled at $2.57 per million British thermal units, down nearly 2.7%.<\/p>\n<\/li>\n<\/ul>\n<h2>Oil market drivers<\/h2>\n<p>\u201cNews flow this week has been almost universally bullish for oil prices, and were seeing futures begin to meaningfully rally for the first time in months,\u201d Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.<\/p>\n<div class=\"paywall\">\n<p>Oil was building on gains scored in the previous session after the Energy Information Administration on Wednesday reported a much larger than expected drop in U.S. crude inventories of 9.2 million barrels in the week ended Jan. 19. <\/p>\n<p>The agency also reported that U.S. crude output dropped by 1 million barrels a day (mbd), to 12.3 mbd last week, pulling back from record output the previous week.<\/p>\n<p>Oil production fell to a six-month low, said Richey, due to freezing temperatures in the northern U.S. <\/p>\n<p><strong>Read:<\/strong> Oil traders care more about North Dakota weather than Red Sea missile attacks<\/p>\n<p>Overseas, Ukrainian forces have ramped up attacks on Russian oil and gas infrastructure, \u201cdisrupting export operations [and] lowering available oil supply globally,\u201d he said. In the Middle East, attacks on ships in the Red Sea by Yemen\u2019s Houthi rebels continue to \u201cinterfere with global shipping routes, including seaborn crude-oil cargoes.\u201d <\/p>\n<p>The increasingly \u201cbackwardated nature of the oil-futures market has offered a real-time read of the increasing concern about an emerging supply deficit in the global oil market,\u201d said Richey. Backwardation means that oil prices in the spot market are higher than those for later deliveries.<\/p>\n<p><strong>Also see:<\/strong> Uranium prices have quadrupled. So why are mining stocks lagging?\u00a0<\/p>\n<p>The EIA on Wednesday also said gasoline inventories rose 4.9 million barrels while gasoline supplied, a measure of demand, dropped 388,000 barrels a day to 7.88 mbd in the latest week, a one-year low.<\/p>\n<p>The four-week moving average of gasoline supplied indicates \u201ca meaningful drop-off in demand in recent weeks,\u201d according to Richey. \u201cThe weak demand could be due to the adverse weather, but it also may be due to prices creeping higher again [and] a deterioration in the health of the consumer.\u201d<\/p>\n<p>Data released Thursday showed that the U.S. economy grew at a robust 3% annual pace in the fourth quarter. That was better than the 2% rate of growth forecast by economists polled by the Wall Street Journal. <\/p>\n<p>For oil, this report shows that \u201cU.S. growth is very positive despite [interest-rate] rate hikes, which is supportive of demand from the United States,\u201d said Jason Schenker, president and chief economist at Prestige Economics.<\/p>\n<h2>Natural-gas supplies<\/h2>\n<p>Natural-gas prices on Nymex on Thursday ended with a loss, even after the EIA reported that U.S. supplies of the commodity in storage dropped by 326 billion cubic feet for the week ended Jan. 19.<\/p>\n<p>The weekly decline matched the average fall forecast by analysts polled by S&amp;P Global Commodity Insights.<\/p>\n<p><strong>Read:<\/strong> Why natural-gas prices are falling despite the largest supply drop in 3 years<\/p>\n<p>U.S. supplies remained well above the year-ago and five-year average levels, EIA data showed.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-extend-rise-after-drop-in-u-s-crude-inventories-fcc04e2a?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures rose Thursday to settle at their highest prices since late November after government data showed larger-than-anticipated drops in U.S. crude inventories and production. Price moves West Texas Intermediate crude for March delivery CL00, -0.89% CL.1, -0.89% CLH24 rose $2.27, or 3%, to settle at $77.36 a barrel on the New York Mercantile Exchange. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":90063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-90062","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 prices settle at nearly 2-month high after drop in U.S. output and supplies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures rose Thursday to settle at their highest prices since late November after government data showed larger-than-anticipated drops in U.S. crude\" \/>\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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