{"id":54878,"date":"2023-12-13T18:20:12","date_gmt":"2023-12-13T18:20:12","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/oil-prices-stretch-losses-into-a-6th-session-in-a-row\/"},"modified":"2023-12-13T18:20:14","modified_gmt":"2023-12-13T18:20:14","slug":"oil-prices-stretch-losses-into-a-6th-session-in-a-row","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=54878","title":{"rendered":"Oil prices stretch losses into a 6th session in a row"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002793778\" role=\"document\">\n<p>Oil futures stretched their losses to a sixth day in a row on Thursday, with prices marking another finish at their lowest since June and the U.S. benchmark holding below the $70-a-barrel threshold. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for January delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.90%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.90%<\/bg-quote><\/p>\n<p>        CLF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723523\/delayed\" class=\"positive\">+0.90%<\/bg-quote><br \/>\n       fell 4 cents, or less than 0.1%, to settle at $69.34 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      February Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.97%<\/bg-quote><\/p>\n<p>        BRNG24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705034\/delayed\" class=\"positive\">+0.97%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, declined by 25 cents, or 0.3%, at $74.05 a barrel on ICE Futures Europe. Brent and WTI crude have fallen for six sessions, marking the longest losing streak for both since February, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      January gasoline<br \/>\n        RBF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376502\/delayed\" class=\"positive\">+1.53%<\/bg-quote><br \/>\n       fell 1.4% to $2 a gallon, while January heating oil<br \/>\n        HOF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376421\/delayed\" class=\"positive\">+1.39%<\/bg-quote><br \/>\n       tacked on 1.1% to $2.55 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for January delivery<br \/>\n        NGF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210189807\/delayed\" class=\"positive\">+1.08%<\/bg-quote><br \/>\n       settled at $2.59 per million British thermal units, up 0.6%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil has fallen sharply following a Nov. 30 OPEC+ meeting that underwhelmed traders with a round of additional voluntary cuts for the first quarter of next year. The voluntary nature of the overall cuts left traders to question likely compliance with the measures.<\/p>\n<div class=\"paywall\">\n<p>\u201cMomentum traders and falling volumes worsened crude\u2019s recent plunge while OPEC\u2019s latest announcement of output cuts and Saudi\u2019s additional threats that they will extend their solo cut beyond Q1 went totally unheard,\u201d Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note.<\/p>\n<p>\u201cWorse, as the bears saw that investors ignored the supply cuts and threats, they feel more confident to increase their bets against crude,\u201d she wrote.<\/p>\n<p>Meanwhile, worries over demand have continued to plague the market. <\/p>\n<p>Crude imports by China saw a monthly fall of 10% in November to a four-month low of 10.37 million barrels a day, reported S&amp;P Global Commodity Insights, citing Thursday data from the General Administration of Customs.<\/p>\n<p>Still, while China\u2019s total imports dropped on a monthly basis, exports grew for the first time in six months in November, \u201csuggesting that manufacturing is recovering with the global economy recovering some,\u201d said StoneX\u2019s Kansas City energy team, led by Alex Hodes, said in a Thursday note.<\/p>\n<p>Oil traders are also closely watching developments tied to the approval of a referendum in Venezuela last weekend to claim sovereignty over an oil-rich piece of land from Guyana.  <\/p>\n<p><strong>Read:<\/strong> What the Venezuela-Guyana border dispute means for oil prices<\/p>\n<p>So far, there has been no impact in the oil markets from that development, said Tom Kloza, global head of energy analysis at OPIS, a Dow Jones company. He told MarketWatch, however, that it will be interesting to see what happens in 2024 given that crude oil futures and price movements are \u201cincredibly seasonal\u201d \u2014 tending to trade in four cycles every year.<\/p>\n<p>One of those cycles tends to lift oil prices by nearly 40% from an early winter low to an April peak, he said. \u201cMy hunch is that saber-rattling in Guyana will fit the narrative that develops when crude-oil prices stage what I see as an inevitable recovery,\u201d said Kloza, and the market could see some \u201cbrisk increases\u201d in prices.<\/p>\n<p>Over in the U.S., data from the Energy Information Administration released Wednesday may not have been as bearish as they seemed, said Phil Flynn, senior market analyst at The Price Futures Group. <\/p>\n<p>\u201cThere is no doubt that demand is down, [but] unless it stays that way, the global supply and demand balance is still way too tight,\u201d he said in a daily report. If OPEC+ follows through with cuts, and if the weekly drop in U.S. oil production begins to trend, we still should face a supply versus demand deficit.\u201d \u00a0\u00a0<\/p>\n<p>On Wednesday, crude slumped after the EIA said gasoline inventories rose 5.4 million barrels last week, while distillate stocks rose 1.3 million barrels. <\/p>\n<p>Rising product inventories offset a larger-than-expected drop in U.S. crude inventories of 4.6 million barrels. <\/p>\n<p>The EIA on Thursday, meanwhile, reported that domestic natural-gas supplies in storage declined by 117 billion cubic feet for the week ended Dec. 1. On average, analysts surveyed by S&amp;P Global Commodity Insights forecast a weekly fall of 105 billion cubic feet.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-attempt-bounce-after-sliding-to-5-month-lows-262898af?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures stretched their losses to a sixth day in a row on Thursday, with prices marking another finish at their lowest since June and the U.S. benchmark holding below the $70-a-barrel threshold. Price action West Texas Intermediate crude for January delivery CL00, +0.90% CL.1, +0.90% CLF24, +0.90% fell 4 cents, or less than 0.1%, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[33],"tags":[],"class_list":{"0":"post-54878","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>Oil prices stretch losses into a 6th session in a row | Prosfunds<\/title>\n<meta name=\"description\" content=\"Oil futures stretched their losses to a sixth day in a row on Thursday, with prices marking another finish at their lowest since June and the U.S.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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