{"id":2207,"date":"2021-12-03T12:54:00","date_gmt":"2021-12-03T12:54:00","guid":{"rendered":"https:\/\/energiesnet.com\/espanol\/?p=2207"},"modified":"2021-12-08T12:56:01","modified_gmt":"2021-12-08T12:56:01","slug":"oil-futures-fall-friday-for-a-6th-straight-weekthe-longest-streak-of-declines-since-2018","status":"publish","type":"post","link":"https:\/\/energiesnet.com\/espanol\/oil-futures-fall-friday-for-a-6th-straight-weekthe-longest-streak-of-declines-since-2018\/","title":{"rendered":"Oil futures fall Friday for a 6th straight week,
<\/strong>the longest streak of declines since 2018<\/strong>"},"content":{"rendered":"\n
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By Myra P. Saefong and Mark DeCambre \/ MarketWatch

SAN FRANCISCO
Petroleumworld 12 03 2021<\/p>\n\n\n\n

Oil futures ended on a mixed note Friday, but both the U.S. and global benchmarks suffered their sixth weekly decline in a row \u2014 the longest streak of declines in three years \u2014 as the emergence of the omicron variant of the coronavirus threatened the outlook for energy demand.<\/p>\n\n\n\n

Natural-gas futures, meanwhile, moved up for the session but suffered a nearly 25% drop for the week as forecasts for milder U.S. weather dulled prospects for heating demand.<\/p>\n\n\n\n

Crude-oil prices fell Friday, but settled above their intraday lows from Thursday, \u201cafter testing major technical support levels that have held throughout the past year,\u201d Troy Vincent, market analyst at DTN, told MarketWatch. This short term bounce \u201cshould not be taken as a sign the near-term bottom is truly in.\u201d<\/p>\n\n\n\n

Against that backdrop, West Texas Intermediate crude<\/strong> for January delivery CLF22, -0.06% CL00, -0.06% fell 24 cents<\/strong>, or 0.4%, to settle at $66.26 <\/strong>a barrel on the New York Mercantile Exchange, after touching a high at $69.22.<\/p>\n\n\n\n

February Brent crude <\/strong>BRNG22, +0.37% BRN00, +0.37%, the global benchmark, tacked on 21 cents<\/strong>, or 0.3%, to end at $69.88<\/strong> a barrel on ICE Futures Europe.<\/p>\n\n\n\n

Brent oil is \u201cflirting with giving up the bull trend that has served as support throughout all of the major selloffs throughout 2021,\u201d Vincent said. \u201cMoving into early next week, a close below $69 would open the door for a swift move to $65 and ultimately risk a move back to the $50s.\u201d<\/p>\n\n\n\n

For the week, WTI lost 2.8% and Brent fell 2.4%, based on the front months, according to Dow Jones Market Data. WTI and Brent futures have now posted six consecutive declines, the longest weekly losing streak since November 2018.<\/p>\n\n\n\n

The move for oil prices follows Thursday\u2019s decision by the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, to rollover a current production policy and raise monthly overall output by 400,000 barrels per day in January.<\/p>\n\n\n\n

The group of major oil producers also said its meeting would remain \u201cin session,\u201d essentially leaving the door open to make immediate adjustments to output based on market developments.<\/p>\n\n\n\n

By deciding to go ahead with the gradual production increase, OPEC+ \u201cseemed to be saying that they are not afraid of your omicron variant,\u201d said Phil Flynn, senior market analyst at The Price Futures Group.<\/p>\n\n\n\n

\u201cThe move caught traders by surprise and after the initial sell-off, traders realized that if OPEC was raising production, they must not be too concerned that oil prices could fall any further, and probably cemented the bottom in a market that has been fixated with concerns about the omicron variant,\u201d Flynn said in a daily report.<\/p>\n\n\n\n

Read: OPEC+ takes unusual tack by keeping existing production policy, while leaving meeting \u2018in session\u2019<\/p>\n\n\n\n

While OPEC+ will be \u201cwatching developments closely and could reconvene at any time to begin to renegotiate the deal, this just speaks to the current uncertainty in the market when it comes to the ultimate impact the omicron variant will have on demand,\u201d said DTN\u2019s Vincent. \u201cIt\u2019s simply too early to tell.\u201d<\/p>\n\n\n\n

Meanwhile, a recent report that Saudi Arabia, the world\u2019s largest producer of oil and the de facto head of OPEC, may raise prices for Asia in January for its Arab Light crude, also has lifted bullishness within the crude complex that demand for oil remains healthy.<\/p>\n\n\n\n

Still, worries about the near-term demand, in the face of the new variant is expected to continue to weigh on markets as traders eye prospects for economic activity and oil demand.<\/p>\n\n\n\n

Oil added to gains after data showed the U.S. created a fewer-than-forecast 210,000 new jobs in November, highlighting the fact that labor shortages remain a drag on the economic recovery. The U.S. jobless rate, however, fell to 4.2% from 4.6% and touched a new pandemic low.<\/p>\n\n\n\n

Back on Nymex, January gasoline <\/strong>RBF22, +0.28% lost nearly 0.8% to $1.953<\/strong> a gallon, ending 1.4% lower for the week. January heating oil <\/strong>HOF22, -0.06% fell 0.2% to $2.098 <\/strong>a gallon, up 0.4% for the week.<\/p>\n\n\n\n

January natural gas NGF22, -0.92% settled at $4.132 <\/strong>per million British thermal units, up 1.9% on Friday, but down almost 25% for the week.<\/p>\n\n\n\n

\u201cIn a market where weather trumps all, natural gas prices in the U.S. have tumbled lower this week, as weather forecasts have continued to emphasize a warming pattern developing across the U.S. moving into mid-December,\u201d Vincent said.<\/p>\n\n\n\n

\u201cThis is particularly important given that moving into winter, the hope for a below-normal average temperature development this winter \u2014 and therefore larger storage withdrawals \u2014 was heavily dependent on a colder-than-normal December outlook, which is not what we have seen develop,\u201d he said. \u201cThis bearish weather development comes alongside rising domestic production.\u201d<\/p>\n\n\n\n

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

By Myra P. Saefong and Mark DeCambre   \/ Market Watch

<\/a>marketwatch.com 12 0<\/a> 2021<\/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 Mark DeCambre \/ MarketWatch SAN FRANCISCOPetroleumworld 12 03 2021 Oil futures ended on a mixed note Friday, but both the U.S. and global benchmarks suffered their sixth weekly decline in a row \u2014 the longest streak of declines in three years \u2014 as the emergence of the omicron variant of …<\/p>\n

Oil futures fall Friday for a 6th straight week,
<\/strong>the longest streak of declines since 2018<\/strong><\/span> Leer m\u00e1s »<\/a><\/p>\n","protected":false},"author":1,"featured_media":2210,"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-2207","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