{"id":1505,"date":"2021-11-18T06:56:00","date_gmt":"2021-11-18T06:56:00","guid":{"rendered":"https:\/\/energiesnet.com\/espanol\/?p=1505"},"modified":"2021-11-22T06:57:08","modified_gmt":"2021-11-22T06:57:08","slug":"oil-rebounds-after-reports-of-a-u-s-push-for-coordinated-release-of-crude-reserves-send-prices-to-6-week-lows","status":"publish","type":"post","link":"https:\/\/energiesnet.com\/espanol\/oil-rebounds-after-reports-of-a-u-s-push-for-coordinated-release-of-crude-reserves-send-prices-to-6-week-lows\/","title":{"rendered":"Oil rebounds after reports of a U.S. push for coordinated release of crude reserves send prices to 6-week lows"},"content":{"rendered":"\n
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By Myra P. Saefong and William Watts \/ Market Watch

SAN FRANCICO
Petroleumworld 11 18 2021<\/p>\n\n\n\n

Oil finished higher on Thursday, with prices rebounding after dropping to their lowest levels in about six weeks on reports that China plans a release of crude from its reserve and news that the Biden administration has been pressing other countries to join in.<\/p>\n\n\n\n

The Biden administration asked China, India and Japan to release reserves as part of a coordinated effort to push down prices, Reuters reported, citing anonymous sources.<\/p>\n\n\n\n

At a press briefing Thursday afternoon, when asked about whether the Biden administration has had discussions with other countries regarding a joint release of oil reserves, White House Press Secretary Jen Psaki said members of the U.S. national security team have discussed the need to meet supply demands with a range of countries, including China.<\/p>\n\n\n\n

News reports Wednesday said that the issue of releasing reserves came up earlier this week in a virtual meeting between President Joe Biden and Chinese leader Xi Jinping. Bloomberg reported Thursday that China had taken steps to begin releasing some crude from its reserves.<\/p>\n\n\n\n

\u201cA concerted approach would certainly have a greater impact on the oil market than if the U.S. embarked on this path on its own,\u201d said Carsten Fritsch, commodity analyst at Commerzbank, in a note.<\/p>\n\n\n\n

After spending part of Thursday trading lower, however, oil prices moved up to end the session higher.<\/p>\n\n\n\n

\u201cIt\u2019s a sell the rumor, buy the fact situation \u2014 and oil prices should trend back higher from here,\u201d Phillip Streible, chief market strategist at Blue Line Futures, told MarketWatch. \u201cOil should benefit from tight inventories and increasing demand.\u201d<\/p>\n\n\n\n

\u201cIt\u2019s a sell the rumor, buy the fact situation \u2014 and oil prices should trend back higher from here.\u201d<\/p>

\u2014 Phillip Streible, Blue Line Futures<\/p><\/blockquote>\n\n\n\n

West Texas Intermediate <\/strong>crude for December delivery CL00<\/strong>, +0.98% CLZ21, +0.64% rose 65 cents<\/strong>, or 0.8%, to settle $79.01 <\/strong>a barrel on the New York Mercantile Exchange after touching an intraday low of $77.08. The December contract expires at the end of Friday\u2019s trading session.<\/p>\n\n\n\n

January Brent crude BRN00<\/strong>, -0.17% BRNF22, -0.17%, the global benchmark, tacked on 96 cents<\/strong>, or 1.2%, at $81.24 <\/strong>a barrel.<\/p>\n\n\n\n

The WTI and Brent crude contracts ended Wednesday\u2019s session at their lowest settlements since early October.<\/p>\n\n\n\n

Among the petroleum products traded on Nymex, December gasoline RBZ21<\/strong>, +0.65% climbed 0.6% to $2.294<\/strong> a gallon and December heating oil HOZ21<\/strong>, +0.74% added 0.8% to settle at $2.384 <\/strong>a gallon.<\/p>\n\n\n\n

\u201cAs far as China releasing oil from their reserve, we\u2019ve been there and we\u2019ve done that and it has had little impact,\u201d Phil Flynn, senior market analyst at The Price Futures Group, wrote in a daily note. \u201cThe bigger issue, of course, is will China release in conjunction with a bigger release from the U.S. and Japan.\u201d<\/p>\n\n\n\n

The market has already seen some pretty sizable releases from the U.S. Strategic Petroleum Reserve the last two weeks, he said. For the week ended Nov. 12, Wednesday\u2019s Energy Information Administration showed oil stocks in the SPR at 606.1 million barrels, down 3.3 million from a week earlier.<\/p>\n\n\n\n

\u201cThose releases were part of a bigger predetermined release, but the size of the releases has been raising eyebrows,\u201d said Flynn. \u201cIs the Biden administration already starting a major SPR release? And if so, it is likely that it will backfire making oil much more expensive in the future?\u201d<\/p>\n\n\n\n

Read: Why tapping the SPR is one of many \u2018bad\u2019 options to ease gasoline prices<\/p>\n\n\n\n

\u201cThere may be the opportunity over the next few weeks to bottom fish for some long-term options,\u201d Flynn said.<\/p>\n\n\n\n

On Wednesday, Biden asked Federal Trade Commission Chair Lina Khan in a letter to immediately \u201cconsider whether illegal conduct is costing families at the pump.\u201d<\/p>\n\n\n\n

\u201cThe discrepancy between the persistently high pump prices and the exchange prices for gasoline, which have been falling since late October, is clearly a thorn in Biden\u2019s side,\u201d Fritsch said.<\/p>\n\n\n\n

Natural-gas futures settled higher Thursday, to recoup a small portion of Wednesdays nearly 7% drop.<\/p>\n\n\n\n

The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas rose by 26 billion cubic feet for the week ended Nov. 12. IHS Markit had forecast an increase of 24 billion cubic feet.<\/p>\n\n\n\n

December natural gas NGZ21<\/strong>, +1.83% ended at $4.902 <\/strong>per million British thermal units, up 1.8%. Prices were at $4.961 shortly before the supply data.<\/p>\n\n\n\n

______________________________________<\/p>\n\n\n\n

By Myra P. Saefong and William Watts \/ Market Watch

<\/a>marketwatch.com 11 18 2021<\/a><\/p>\n\n\n\n

<\/strong><\/a><\/em><\/strong><\/a><\/em><\/p>\n\n\n\n

Copyright \u00a91999-2021 Petroleumworld or respective author or news agency. All rights reserved.<\/p>\n\n\n\n

Petroleumworld.com Copyright \u00a92021 Petroleumworld.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Myra P. Saefong and William Watts \/ Market Watch SAN FRANCICOPetroleumworld 11 18 2021 Oil finished higher on Thursday, with prices rebounding after dropping to their lowest levels in about six weeks on reports that China plans a release of crude from its reserve and news that the Biden administration has been pressing other …<\/p>\n

Oil rebounds after reports of a U.S. push for coordinated release of crude reserves send prices to 6-week lows<\/span> Leer m\u00e1s »<\/a><\/p>\n","protected":false},"author":1,"featured_media":1506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[45],"tags":[],"class_list":["post-1505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias-diarias"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t