{"id":13046,"date":"2023-08-19T16:46:53","date_gmt":"2023-08-19T16:46:53","guid":{"rendered":"https:\/\/isafespend.com\/investing\/oil-prices-post-first-gain-in-4-sessions\/"},"modified":"2023-08-19T16:46:53","modified_gmt":"2023-08-19T16:46:53","slug":"oil-prices-post-first-gain-in-4-sessions","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=13046","title":{"rendered":"Oil prices post first gain in 4 sessions"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002407548\" role=\"document\">\n<p>Oil futures settled higher Thursday, snapping a three-day losing streak tied to worries about demand from China, rising Treasury yields and a stronger U.S. dollar.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for September delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.09%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.18%<\/bg-quote><\/p>\n<p>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"positive\">+0.18%<\/bg-quote><br \/>\n       rose $1.01, or 1.3%, to settle at $80.39 a barrel on the New York Mercantile Exchange following a loss of 2% Wednesday.<\/p>\n<\/li>\n<li>\n      October Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.04%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"positive\">+0.04%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added 67 cents, or 0.8%, at $84.12 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      September gasoline<br \/>\n        RBU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376526\/delayed\" class=\"negative\">-0.18%<\/bg-quote><br \/>\n       settled at $2.82 a gallon, down 1.6%, while September heating oil<br \/>\n        HOU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376445\/delayed\" class=\"positive\">+0.21%<\/bg-quote><br \/>\n       tacked on 2.4%, to $3.09 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for September delivery<br \/>\n        NGU32,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215319755\/delayed\" class=\"\"\/><br \/>\n       added 3 cents, or 1.1%, to settle at $2.62 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Crude prices found their footing after pulling back in the wake of a run of seven straight weekly gains which took WTI to a 2023 high last week. <\/p>\n<div class=\"paywall\">\n<p>Oil hit fresh 2023 highs last week amid growing confidence among traders that a \u201csoft\/no-landing [economic] scenario could be achieved, which was backed up by a rebound in consumer demand metrics within the weekly Energy Information Administration data, said Tyler Richey, co-editor at Sevens Report Research. <\/p>\n<p>Hot U.S. economic data has sent Treasury yields soaring, with the 10-year rate hitting its highest since 2008. <\/p>\n<p>Treasury yields are \u201cpricing in a \u2018higher for longer\u2019 Fed policy rate environment which will only further choke off growth, and negatively impact oil demand in the months and quarters ahead,\u201d Richey told MarketWatch. <\/p>\n<p>However, news flow this week has been \u201cless encouraging [for oil] and renewed worries about the Chinese property sector, as well as China\u2019s economy more broadly, has poured some cold water on the economic growth optimism,\u201d he said.<\/p>\n<p>\u201cUnderwhelming economic data in the front half of this week, domestically and abroad, further weighed on oil and the refined products,\u201d Richey said. A moderate hawkish shift in Federal Reserve policy expectations has also \u201cbolstered worries that tight policy will choke off growth and send the U.S. economy into a recession, a scenario that would be decidedly negative for oil and refined products from a demand standpoint.\u201d<\/p>\n<p>The U.S. dollar recently rallied, with the ICE U.S. Dollar Index<br \/>\n        DXY<br \/>\n       rising nearly 1% over the last five days before pulling back Thursday after data showed the leading economic index fell by 0.4% in July, down a 16th month in a row. <\/p>\n<p>A stronger dollar can be a negative for commodities priced in the unit, making them more expensive to users of other currencies.<\/p>\n<p>In order for oil to resume its summer rally and break out to a fresh set of 2023 highs, \u201cwe need to see measurable evidence that the Fed is indeed making progress towards pulling off a soft landing and overseas economic data needs to start to stabilize, especially out of China,\u201d Richey said. \u201cOtherwise, last week\u2019s rally may wind up being a false break to the upside and oil prices could retreat back into their familiar 2023 trading range between $67 and $83.\u201d<\/p>\n<p>Meanwhile, natural-gas futures finished higher after the Energy Information Administration on Thursday reported that U.S. supplies of the commodity in storage rose by 35 billion cubic feet for the week ended Aug. 11. That matched the average weekly increase forecast by analysts surveyed by S&amp;P Global Commodity Insights.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-attempt-to-snap-3-day-losing-streak-a67988a?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled higher Thursday, snapping a three-day losing streak tied to worries about demand from China, rising Treasury yields and a stronger U.S. dollar. Price action West Texas Intermediate crude for September delivery CL00, +0.09% CL.1, +0.18% CLU23, +0.18% rose $1.01, or 1.3%, to settle at $80.39 a barrel on the New York Mercantile<\/p>\n","protected":false},"author":1,"featured_media":13047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-13046","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices post first gain in 4 sessions | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Oil futures settled higher Thursday, snapping a three-day losing streak tied to worries about demand from China, rising Treasury yields and a stronger\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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