Latest News

Futures Movers: Oil prices down a third straight session as U.S. crude supplies post biggest weekly rise in a month


Oil futures sold off again on Wednesday, on track for a third day in the red, as fears about waning demand in China continued to weigh on prices.

Price action

West Texas Intermediate crude for December


delivery fell $1,35, or 1.5%, to $86.69 a barrel on the New York Mercantile Exchange after falling 4% during the first two trading days of the week.

January Brent crude

the global benchmark, was down $1.44, or 1.6%, to $91.15 a barrel on ICE Futures Europe.

Back on Nymex, December gasoline

f ell 2.3% to $2.51 a gallon, while December heating oil 

lost 1.9% at $3.69 a gallon.

December natural gas

dropped 4.2% to $5.88 per million British thermal units. 

Market drivers

Oil and gas prices have declined in recent sessions despite an OPEC+ output target cut and hopes for less restrictive COVID-19 measures in China. So far, Beijing has shown no signs of loosening COVID-related restriction, which has weighed on energy prices, said Craig Erlam, senior market analyst at OANDA.

China’s consumer inflation eased in October, while factory-gate prices fell from a year ago for the first time in nearly two years, reflecting weakening domestic demand as the economy cooled further.

API data on Tuesday showed an increase in U.S. inventories, but investors will now be looking to see if the increase is confirmed by an inventory report from the Energy Information Administration.

On average, analysts expect the EIA report to show supply declines of 700,000 barrels for crude, 1.2 million barrels for gasoline, and 900,000 barrels for distillates, according to a survey conducted by S&P Global Commodity Insights, as MarketWatch reported on Tuesday.

New Home Cancellations increased Sharply in Q3

Previous article

: Facebook parent Meta begins mass layoffs of 11,000 workers as Mark Zuckerberg says, ‘I take responsibility’

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News