{"id":11913,"date":"2023-11-09T23:40:57","date_gmt":"2023-11-09T23:40:57","guid":{"rendered":"https:\/\/inbudgetalerts.com\/investment\/u-s-oil-prices-settle-below-80-a-barrel-as-china-data-spotlights-demand-prospects\/"},"modified":"2023-11-09T23:40:58","modified_gmt":"2023-11-09T23:40:58","slug":"u-s-oil-prices-settle-below-80-a-barrel-as-china-data-spotlights-demand-prospects","status":"publish","type":"post","link":"https:\/\/inbudgetalerts.com\/?p=11913","title":{"rendered":"U.S. oil prices settle below $80 a barrel as China data spotlights demand prospects"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002699753\" role=\"document\">\n<p>Oil futures declined sharply Tuesday, with U.S. prices settling below $80 a barrel, at their lowest since July, after China data highlighted demand concerns.<\/p>\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=\"negative\">-0.21%<\/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=\"negative\">-0.21%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"negative\">-0.21%<\/bg-quote><br \/>\n       fell $3.45, or 4.3%, to settle at $77.37 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract settlement since July 21, according to Dow Jones Market Data. <\/p>\n<\/li>\n<li>\n      January Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.17%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"negative\">-0.17%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, dropped $3.57, or 4.2%, to $81.61 a barrel on ICE Futures Europe, also the lowest finish since July 21.<\/p>\n<\/li>\n<li>\n      December gasoline<br \/>\n        RBZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376535\/delayed\" class=\"positive\">+0.06%<\/bg-quote><br \/>\n       declined by nearly 3.1% to $2.17 a gallon, while December heating oil<br \/>\n        HOZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376454\/delayed\" class=\"negative\">-0.23%<\/bg-quote><br \/>\n       lost 3.9% to $2.84 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for December delivery<br \/>\n        NGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210195288\/delayed\" class=\"negative\">-0.43%<\/bg-quote><br \/>\n       settled at $3.14 per million British thermal units, down 3.8%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil traders have more than fully erased the risk premium priced into crude after the Hamas attack on southern Israel. <\/p>\n<div class=\"paywall\">\n<p>Crude had rallied following the Oct. 7 attack on fears the Israel-Hamas war could spread across the region, posing a threat to Middle Eastern crude flows and supplies.<\/p>\n<p>Attention has since turned back to the demand side, with the slump Tuesday tied by analysts to China trade data. The figures showed China imported 13.52% more crude in October than a year ago, according to news reports, but the figure was flattered by coronavirus restrictions that were in place in 2022.<\/p>\n<p>At 11.5 million barrels a day, imports were up slightly versus September but remained around 1 million barrels a day below levels seen in the summer, noted Carsten Fritsch, commodities analyst at Commerzbank, in a note.<\/p>\n<p>\u201cThis is disappointing in view of the record-high processing. Crude oil imports in the first ten months were a good 14% up year-on-year. The increase appears bigger because of the low basis for comparison, however, as imports were dampened by the coronavirus restrictions last year,\u201d Fritsch said. \u201cIt is no surprise therefore that the figures are lending no support to prices today.\u201d<\/p>\n<p>Looking ahead, \u201cglobal consumption of manufactured products continues to be lackluster,\u201d StoneX\u2019s Kansas City energy team, led by Alex Hodes, in a Tuesday note. \u201cChina is expected to reduce crude imports in coming months as a result, and export less refined products, which will ease crude prices,\u201d though also provide support to crack spreads \u2014 the price difference between a barrel of crude and the petroleum products refined from it.<\/p>\n<p>The U.S. Department of Energy announced late Monday a \u201csupplemental solicitation\u201d for up to 3 million barrels of oil for delivery in January 2024. <\/p>\n<p>That\u2019s a \u201csmall volume as compared to what has been liquidated since January 2021,\u201d said StoneX\u2019s Kansas City energy team. <\/p>\n<p>In the announcement, the Energy Department said it had already purchased 4.8 million barrels toward the replenishment of the Strategic Petroleum Reserve, with an average cost of less than $73 per barrel.<\/p>\n<p>\u201cMoving forward, if the administration follows through on its replenishment, the DOE will be a buyer to help put somewhat of a floor on oil prices,\u201d the StoneX energy team said.<\/p>\n<p>In a monthly report released Tuesday, the Energy Information Administration reduced its 2024 price forecasts for both WTI and Brent crude, but also noted that the recent attacks on Israel and the potential for tensions to spread in the Middle East pose risks to oil supplies. <\/p>\n<p>Separate weekly supply reports from the EIA, usually released Wednesdays for oil and Thursdays for natural gas, will be delayed to next week, with the government agency citing a planned systems upgrade.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-oil-benchmark-slips-below-80-a-barrel-after-mixed-china-data-272d1064?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures declined sharply Tuesday, with U.S. prices settling below $80 a barrel, at their lowest since July, after China data highlighted&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-11913","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. oil prices settle below $80 a barrel as China data 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