{"id":39040,"date":"2023-10-31T09:40:31","date_gmt":"2023-10-31T09:40:31","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/u-s-oil-futures-mark-lowest-finish-in-more-than-3-weeks-as-supply-worries-from-israel-hamas-war-ease\/"},"modified":"2023-10-31T09:40:33","modified_gmt":"2023-10-31T09:40:33","slug":"u-s-oil-futures-mark-lowest-finish-in-more-than-3-weeks-as-supply-worries-from-israel-hamas-war-ease","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=39040","title":{"rendered":"U.S. oil futures mark lowest finish in more than 3 weeks as supply worries from Israel-Hamas war ease"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002669943\" role=\"document\">\n<p>Oil futures declined on Monday, with the global benchmark sliding back below $90 a barrel and U.S. prices ending at a more than three-week low.<\/p>\n<p>A ground incursion into the Gaza Strip by Israeli forces appeared to proceed at a cautious pace, helping to soothe worries over a broadening of the conflict.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.58%<\/bg-quote><br \/>\n       for December delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.58%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"positive\">+0.58%<\/bg-quote><br \/>\n       fell $3.23, or 3.8%, to settle at $82.31 a barrel on the New York Mercantile Exchange. That\u2019s the lowest for a front-month contract since Oct. 5, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"positive\">+0.80%<\/bg-quote><\/p>\n<p>        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.58%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, lost $3.03, or nearly 3.4%, to end at $87.45 a barrel on ICE Futures Europe, the lowest since Oct. 12.<\/p>\n<\/li>\n<li>\n      November gasoline<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"positive\">+0.49%<\/bg-quote><br \/>\n       declined by 4% to $2.22 a gallon, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"positive\">+1.17%<\/bg-quote><br \/>\n       fell 2.8% to $2.97 a gallon.<\/p>\n<\/li>\n<li>\n      December natural gas<br \/>\n        NGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210195288\/delayed\" class=\"positive\">+1.07%<\/bg-quote><br \/>\n       settled at $3.35 per million British thermal units, down 3.8%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil prices have declined, \u201cwithout an immediate disruption in global supplies and signs that Asian oil demand may be easing just a bit \u2014 allowing the market to sell off,\u201d Phil Flynn, senior market analyst at The Price Futures Group, said in a daily report.<\/p>\n<p>\u201cBut make no mistake about it the global oil market is still extremely tight, and we don\u2019t have any room for any disruptions of supply, so the pullback may be short-lived as the market awaits more headlines on the progress of the Israeli invasion of Gaza,\u201d he said.<\/p>\n<p>Israeli tanks and infantry advanced to the outskirts of Gaza City on Monday and severed a main road connecting the northern part of the Gaza Strip with the south, The Wall Street Journal reported, while the U.S. and other Western countries pressured Tel Aviv to minimize civilian casualties.<\/p>\n<p>\u201cJust because oil prices cannot find support does not make it a market to short,\u201d Fawad Razaqzada, market analyst at City Index and FOREX.com, said in market commentary on Monday. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span>\u201cGiven the situation in the Middle East and the OPEC+ ongoing intervention, shorting oil in the current environment is akin to playing with fire\u2026\u201d<span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span>\n      <\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Fawad Razaqzada, City Index and FOREX.com<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>\u201cGiven the situation in the Middle East and the OPEC+ ongoing intervention, shorting oil in the current environment is akin to playing with fire, so I am not even entertaining the idea of it,\u201d he said. <\/p>\n<p>Oil futures jumped nearly 3% on Friday, but suffered weekly declines, eroding the modest risk premium priced into the market since the Oct. 7 attack on southern Israel by Hamas. Crude hasn\u2019t challenged the 2023 highs set in late September.<\/p>\n<p><strong>Read:<\/strong>\u00a04 reasons why oil prices have only seen a modest Middle East risk premium<\/p>\n<p>Analysts said traders will remain sensitive to developments, in particular any sign the conflict could result in direct confrontations with Iran. <\/p>\n<p>\u201cIf Iran\u2019s involvement were to lead to a fall in the country\u2019s oil exports, this could pressure an already constrained market \u2014 with a 500,000 barrel a day reduction potentially taking Brent crude prices to between $100 and $110, from around $89 at present,\u201d strategists at UBS said in a Monday note.<\/p>\n<p>\u201cIn addition, a broadening of the conflict across the region could<br \/>cause prices to spike as high as $120\/bbl, in our view,\u201d they said.<\/p>\n<p>The UBS strategists said their base case is that a broader war should be avoided, but saw the case for added exposure to Treasurys, while positions in gold and oil could also serve as hedges against continued volatility.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-slips-back-below-90-a-barrel-as-supply-worries-from-israel-hamas-war-ease-b6f89bfe?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures declined on Monday, with the global benchmark sliding back below $90 a barrel and U.S. prices ending at a more than three-week low. A ground incursion into the Gaza Strip by Israeli forces appeared to proceed at a cautious pace, helping to soothe worries over a broadening of the conflict. Price action West [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":30235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-39040","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>U.S. oil futures mark lowest finish in more than 3 weeks as supply worries from Israel-Hamas war ease | Prosfunds<\/title>\n<meta name=\"description\" content=\"Oil futures declined on Monday, with the global benchmark sliding back below $90 a barrel and U.S. prices ending at a more than three-week low. 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