{"id":35734,"date":"2023-10-26T01:39:49","date_gmt":"2023-10-26T01:39:49","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/oil-settles-lower-for-a-third-straight-session-with-supplies-so-far-unaffected-by-israel-hamas-war\/"},"modified":"2023-10-26T01:39:51","modified_gmt":"2023-10-26T01:39:51","slug":"oil-settles-lower-for-a-third-straight-session-with-supplies-so-far-unaffected-by-israel-hamas-war","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=35734","title":{"rendered":"Oil settles lower for a third straight session, with supplies so far unaffected by Israel-Hamas war"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002648816\" role=\"document\">\n<p>Oil prices ended lower Tuesday for a third consecutive session as traders continued to monitor the Israel-Hamas war while fresh data out of Europe offered more evidence of a slowing economy. <\/p>\n<p>Traders also digested data from a report by the International Energy Agency, which predicts that fossil-fuel sources will peak before 2030, and awaited Wednesday\u2019s weekly data on U.S. petroleum supplies.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for December delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.01%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.01%<\/bg-quote><br \/>\n       fell $1.75, or nearly 2.1%, to settle at $83.74 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.12%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"negative\">-0.09%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, lost $1.76, or 2%, to $88.07 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      November gasoline\u00a0\u00a0<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"negative\">-0.22%<\/bg-quote><br \/>\n       declined by 2.6% at $2.27 a gallon on Nymex, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"negative\">-0.27%<\/bg-quote><br \/>\n      \u00a0declined by 1.6% to $3.04 per gallon. <\/p>\n<\/li>\n<li>\n      November natural gas<br \/>\n        NGX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194966\/delayed\" class=\"\"><\/bg-quote><br \/>\n       added 1.5% to $2.97 per million British thermal units after ending Monday with a 0.9% gain.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The latest release of Israeli hostages by Hamas helped assuage traders\u2019 concerns about the potential for an escalating conflict that could disrupt oil supplies and send prices higher.<\/p>\n<p>\u201cThere is some relief over the release of some Israeli hostages held by Hamas, although the concern that hostilities will escalate remains,\u201d said David Morrison, senior market analyst at Trade Nation, in emailed commentary. <\/p>\n<p>Ongoing hostage negotiations and the delay of Israel\u2019s ground invasion \u201cdid technical damage to the oil charts,\u201d said Phil Flynn, senior market analyst at The Price futures Group. <\/p>\n<p>\u201cOn the one hand, the risk to supply is still there with the possibility of cracking down on Iran and its oil, but the imminent risk to oil supply has been put off as Israel is holding off its ground invasion to get more hostages being held by Hamas released,\u201d he said in a daily report.<\/p>\n<p>The \u201csmall bit of progress that they are seeing \u2014 regarding releasing hostages [and] the fact that Israel has not started its ground invasion \u2014 takes a lot of the war premium out of oil,\u201d said Flynn. \u201cPrices fell to hold key support yesterday as far as the 10-day moving average and the 20-day moving average and now look poised to go lower technically unless we get a headline.\u201d<\/p>\n<p>Traders also looked to the latest eurozone composite purchasing managers index data, which declined to 46.5 from 47.2 in September. It\u2019s the latest evidence of a slowdown in manufacturing activity that could tamp down inflation and weigh on oil demand. <\/p>\n<p>Traders now await the release of official inventory data from the U.S. Energy Information Administration on Wednesday.<\/p>\n<p>Macquarie forecasts a supply climb of 1.1 million barrels in U.S. crude oil for the week ended Oct. 20, along with weekly inventory declines of 1.3 million barrels for gasoline and 3.3 million barrels for distillates. <\/p>\n<p>Meanwhile, the International Energy Agency said in its World Energy Outlook report released Tuesday that global demand for all three fossil fuel sources \u2014 coal, oil and natural gas \u2014 is likely to peak before 2030. <\/p>\n<p>The IEA is \u201cdiscoursing new investments in fossil fuels even as the impact of the lack of investment based on their past predictions has put the world on the path of the biggest [oil] supply shortage in decades,\u201d said Flynn. <\/p>\n<p>He points out that in April, the IEA warned that further planned OPEC+ output cuts this year, together with China\u2019s economic rebound, meant the world oil market could be undersupplied by up to 2 million barrels per day in the second half of 2023.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-stable-after-weak-economic-data-as-traders-await-supply-data-785bc506?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices ended lower Tuesday for a third consecutive session as traders continued to monitor the Israel-Hamas war while fresh data out of Europe offered more evidence of a slowing economy. Traders also digested data from a report by the International Energy Agency, which predicts that fossil-fuel sources will peak before 2030, and awaited Wednesday\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":33811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-35734","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 v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil settles lower for a third straight session, with supplies so far unaffected by Israel-Hamas war | Prosfunds<\/title>\n<meta name=\"description\" content=\"Oil prices ended lower Tuesday for a third consecutive session as traders continued to monitor the Israel-Hamas war while fresh data out of Europe 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