{"id":39375,"date":"2023-10-31T18:38:02","date_gmt":"2023-10-31T18:38:02","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/opinion-oil-prices-look-to-post-a-loss-for-the-month-as-fears-of-wider-israel-hamas-war-fade\/"},"modified":"2023-10-31T18:38:03","modified_gmt":"2023-10-31T18:38:03","slug":"opinion-oil-prices-look-to-post-a-loss-for-the-month-as-fears-of-wider-israel-hamas-war-fade","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=39375","title":{"rendered":"Opinion: Oil prices look to post a loss for the month as fears of wider Israel-Hamas war fade"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002672868\" role=\"document\">\n<p id=\"correction\" class=\"correction\">An earlier version of this story referred to the wrong day of the week. The article has been corrcted.<\/p>\n<p>Oil futures traded lower Tuesday afternoon, after dropping more than 3% the previous session, and remained on track for monthly losses as a risk premium tied to fears the Israel-Hamas war could threaten crude supplies eroded.<\/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=\"negative\">-1.52%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-1.52%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"negative\">-1.52%<\/bg-quote><br \/>\n       dropped $1.13, or 1.4%, to $81.18  barrel on the New York Mercantile Exchange. Prices based on the front-month contract traded more than 9% lower for the month as of Monday\u2019s settlement, 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=\"negative\">-0.02%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, rose 6 cents, or 0.1%, to $87.51 a barrel on ICE Futures Europe, trading down over 8% for the month as of Monday. January Brent<br \/>\n        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"negative\">-1.51%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-1.51%<\/bg-quote><span>,<\/span><br \/>\n       dropped $1.12, or 1.3%, to $85.20 a barrel.<\/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\">+0.03%<\/bg-quote><br \/>\n       rose 0.1% to $2.222 a gallon, while November heating oil rose 0.5% to $2.982 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\">+6.83%<\/bg-quote><br \/>\n       gained 7.8% to $3.614 per million British thermal units. As of Monday, front-month prices were down over 14% for the month.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>On the Middle East front, oil traders have \u201clikely shifted into efficient market mode, waiting for signs of a definitive escalation that imperils supply before\u00a0taking prices higher,\u201d Stephen Innes, managing partner at SPI Asset Management, said in market commentary. <\/p>\n<p>WTI has erased gains seen since the Oct. 7 attack on southern Israel by Hamas from Gaza, while Brent has significantly trimmed its gains since the start of the war despite continued risks of a wider conflict.<\/p>\n<p>The biggest worry surrounds Iranian oil flows, which could see up to 1 million barrels a day of crude knocked off the market if the U.S. were to more strictly enforce sanctions on the country\u2019s exports, said Warren Patterson and Ewa Manthey, commodity analysts at ING, in a note.<\/p>\n<p>So far, however, the conflict hasn\u2019t yet affected oil supply.<\/p>\n<p>\u201cIn the absence of supply disruptions from the region, it is difficult to see a significant and sustained upside in prices,\u201d they said.<\/p>\n<p>Still, the situation in the Middle East is fluid. Saudi Arabia\u2019s military is on high alert after deadly clashes with Yemen\u2019s Iran-backed Houthi rebels, who attempted to fire a missile over Saudi Arabia toward Israel, Bloomberg reported late Monday citing people familiar with the matter. <\/p>\n<p>Strategists at Macquarie wrote in a recent note that they remain bearish on oil, but \u201crecognize upside risks associated with the Middle East conflict.\u201d<\/p>\n<p>They do \u201cnot expect a supply disruption without material escalation,\u201d and while they did not believe that a full conflict resolution was needed for the \u201crisk premium to bleed out,\u201d the Macquarie strategists said they were still \u201csurprised at the rate of the pull back\u201d in prices.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-rises-but-heads-for-october-fall-as-fears-of-wider-israel-hamas-war-fade-f8bfe472?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An earlier version of this story referred to the wrong day of the week. The article has been corrcted. Oil futures traded lower Tuesday afternoon, after dropping more than 3% the previous session, and remained on track for monthly losses as a risk premium tied to fears the Israel-Hamas war could threaten crude supplies eroded. [&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":[33],"tags":[],"class_list":{"0":"post-39375","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Opinion: Oil prices look to post a loss for the month as fears of wider Israel-Hamas war fade | Prosfunds<\/title>\n<meta name=\"description\" content=\"An earlier version of this story referred to the wrong day of the week. The article has been corrcted. 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