09/21 Closing prices / revised 09/22/2023  09:26 GMT  |    09/21    OPEC Basket      95.01        –0.81|    09/21   Mexico Basket (MME)   $86.79  +0.01 06/23  Venezuela Basket (Merey) $57.37  + 1.15 ( from previous month)  (Est. OPEC)  | 09/21    NYMEX WTI Texas Intermediate  October  CLV23  $89.63     -0.03  | 09/21    ICE Brent November  BRNX23   $93.30   -0.23 | 09/21    NYMEX Gasoline October  RBV23    $2.62    +0.07   09/21    NYMEX  Heating Oil  October HOV23   $3.37     +1.2%   |  09/21    Natural Gas October NGV23    $2.84      -2.8%    09/15   Active U.S. Rig Count (Oil & Gas)    641      +9 | 09/22    USD/MXN Mexican Peso   17.1975    Live data  | 09/22      EUR/USD  1.0635    Live data  | 09/22   US/Bs. (Bolivar)      $33.9289000  ( data BCV)    |

Oil prices extend slide Thursday to finish at their lowest in more than 3 weeks – MarketWatch

Brent crude futures down five sessions in a row
Brent crude futures down five sessions in a row (Agencies/Economic Times)

Myra P. Saefong and William Watts, MarketWatch

EnergiesNet.com 02 03 2023

Oil futures declined on Thursday to mark their lowest finish in more than three weeks, with global benchmark Brent prices down a fifth straight session.

Prices for Brent, as well as U.S. benchmark West Texas Intermediate crude, fell more than 3% Wednesday, when weekly data that showed a sixth consecutive weekly build in U.S. crude inventories.

Price action

  • West Texas Intermediate crude for March delivery CL.1, 0.38% CL00, 0.38% CLH23, 0.33% fell 53 cents, or 0.7%, to settle at $75.88 a barrel on the New York Mercantile Exchange, with front-month prices settling the lowest since Jan. 10, according to Dow Jones Market Data. Prices on Wednesday lost 3.1%.

  • April Brent crude BRN00, 0.33% BRNJ23, 0.33%, the global benchmark, fell 67 cents, or 0.8%, to $82.17 a barrel on ICE Futures Europe, also settling at the lowest since Jan. 10.

  • March gasoline RBH23, 0.33% settled at $2.4523 a gallon, down nearly 0.1%.

  • March heating oil HOH23, 0.37% fell 1.8% to $2.8967 a gallon.

  • March natural gas NGH23, -0.08% declined by 0.5% to $2.456 per million British thermal units after posting a loss of nearly 8.1% on Wednesday.

Market drivers

Crude prices finished lower on Thursday after data released Wednesday that showed U.S. inventories rose by 4.1 million barrels last week, far exceeding analyst estimates and marking the sixth straight weekly rise. Product inventories also rose.

“The big build in U.S. inventory data hung like an anvil around the market neck,” said Stephen Innes,  managing partner at SPI Asset Management.

Reports pointing to continued strength in Russian exports ahead of a price cap on Russian oil product exports that’s due to take effect on Feb. 5 have helped soothe supply worries, analysts said.

Crude failed to find a lift after stocks rallied in the wake of Wednesday’s Federal Reserve decision. The central bank raised its policy interest rate by a quarter of a percentage point, as expected, but investors continued to bet on rate cuts by year-end in defiance of the central bank’s forecasts.

See: ‘Decidedly less hawkish’: 4 takeaways from Powell’s press conference as Fed hikes rates again

The Bank of England on Thursday raised interest rates by half a percentage point, and the European Central Bank was expected to deliver a half-point hike later Thursday.

Bullish demand-side factors “have lost some of their luster over the last week and still stubbornly hawkish central banks threaten the broader narrative that demand will be as strong as many initially hoped coming into the year,” said analysts at Sevens Report Research, in a note. “To that point, the fact that oil was unable to meaningfully bounce with stocks when the major indexes reversed higher [Wednesday afternoon] suggests more weakness may be in store for the oil market.”

Natural-gas futures, meanwhile, failed to hold onto early gains after Wednesday’s sharp decline.

The U.S. Energy Information Administration reported Thursday that domestic natural-gas supplies fell by 151 billion cubic feet for the week ended Jan. 27 to total 2.538 trillion cubic feet.

That compared with an average analyst forecast for a decline of 146 billion cubic feet, according to a survey conducted by S&P Global Commodity Insights. The latest data, however, included an upward revision to total stocks for the week ended Jan. 20 — to 2.734 tcf from 2.729 tcf, the EIA said.

“Unless it gets cold soon and stays that way versus the averages, EIA storage is likely to end winter withdrawal season at a strong surplus to last year,” said Robert Yawger, director of energy futures at  Mizuho Securities USA, in a daily report.

marketWatch .com 02 02 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top