![]() Natural-gas futures on Nymex extended their decline to finish nearly 4% lower, after the EIA reported on Thursday a weekly decline in supplies of the commodity that was a bit lower than some market forecasts. He believes those factors will contribute to what he refers to as a “new season of big petroleum supply draws in the coming weeks.” ![]() Oil refiners are coming out of maintenance season and “demand for fossil fuels around the globe is surging,” said Phil Flynn, senior market analyst at The Price Futures Group, in a daily report. That was the largest weekly fall year to date. crude supplies reported by the Energy Information Administration on Wednesday. Oil prices, for now, also likely found some support from a 7.5 million-barrel weekly decline in U.S. Read: OPEC+ committee is set to review an oil market plagued by concerns over the banking crisis and a recession The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, will hold a committee meeting Monday to review the oil market, against a backdrop of a potential recession and concerns over the banking crisis. ![]() Read: Biden energy officials release strategy to boost offshore wind and cut its cost by 30% Separately, the number of Americans who applied for unemployment benefits last week rose to a three-week high of 198,000. economy at the end of 2022 was reduced to 2.6% due to weaker consumer spending. Back on Nymex, June gasoline RBM23 rose 1.2 to 2.70 a gallon, with prices tacking on 4.9 for the week, while June heating oil HOM23 added 1 to 2.37 a gallon, up 0.3 for the week. government data released Thursday was slightly downbeat, showing the growth rate of the U.S. dollar, and hopes for the China recovery,” said Stephen Innes, managing partner at SPI Asset Management, in market commentary. data tolls the recession bell, if broader markets remain in risk-on mode, oil could stay in relief rally mode supported by the same less threatening, a slightly weaker U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |