{"id":19899,"date":"2023-09-16T15:10:46","date_gmt":"2023-09-16T15:10:46","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/oil-futures-mark-a-new-high-for-the-year-up-a-third-straight-week\/"},"modified":"2023-09-16T15:10:48","modified_gmt":"2023-09-16T15:10:48","slug":"oil-futures-mark-a-new-high-for-the-year-up-a-third-straight-week","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=19899","title":{"rendered":"Oil futures mark a new high for the year, up a third straight week"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002507557\" role=\"document\">\n<p>Oil futures on Friday mark new highs for the year, tallying a third weekly gain in a row on continued worries over tight supplies.<\/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=\"positive\">+0.47%<\/bg-quote><br \/>\n       for October delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.47%<\/bg-quote><\/p>\n<p>        CLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726813\/delayed\" class=\"positive\">+0.47%<\/bg-quote><br \/>\n       rose 61 cents, or 0.7%, to settle at $90.77 a barrel on the New York Mercantile Exchange, settling at their highest since Nov. 7 and scoring a weekly rise of 3.7%, according to Dow Jones Market Data. <\/p>\n<\/li>\n<li>\n      November Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.36%<\/bg-quote><\/p>\n<p>        BRNX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705773\/delayed\" class=\"positive\">+0.36%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added 23 cents, or nearly 0.3%, at $93.93 a barrel on ICE Futures Europe, for an advance of 3.6% on the week.<\/p>\n<\/li>\n<li>\n      October gasoline<br \/>\n        RBV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376529\/delayed\" class=\"positive\">+0.39%<\/bg-quote><br \/>\n        settled at $2.71 a gallon, down 1.3% for the session though logging a weekly rise of nearly 2.1%. October heating oil<br \/>\n        HOV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376448\/delayed\" class=\"positive\">+0.43%<\/bg-quote><br \/>\n       shed 2.8% to $3.38 a gallon, for a weekly rise of 2.6% for the week. <\/p>\n<\/li>\n<li>\n      October natural gas<br \/>\n        NGV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194586\/delayed\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       lost 2.4% to $2.64 per million British thermal units, settling up 1.5% for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>WTI and Brent crude on Friday both marked their highest settlements since November.<\/p>\n<p><strong>Read:<\/strong> Consumers take notice as inflation bites and oil prices top $90 a barrel<\/p>\n<div class=\"paywall\">\n<p>\u201c$100 is not that far away,\u201d said Edward Moya, senior market analyst at OANDA. <\/p>\n<p>Still, that might \u201cnot be a one-way trade as short-term risks to the outlook could shift consumer views and attitudes,\u201d he said in a market update. \u201cThe oil market is going to stay tight a while longer, but we might need to see a fresh catalyst to send oil to triple digits.\u201d<\/p>\n<div data-layout=\"inline&#10;                \" data-layout-mobile=\"\" class=\"&#10;          media-object&#10;          type-InsetPullQuote&#10;            inline&#10;    scope-web|mobileapps&#10;  article__inset&#10;          article__inset--type-InsetPullQuote&#10;            article__inset--inline&#10;  \">\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>\u201cThe oil market is going to stay tight a while longer, but we might need to see a fresh catalyst to send oil to triple digits.\u00a0\u201c<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 Edward Moya, OANDA <\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>For now, while fourth quarter oil-supply deficits have been expected for months, recent refinery outages limiting products supplies, and the extension of voluntary supply cuts by Saudi Arabia over the past month have helped push crude prices above some key technical resistance levels, Troy Vincent, senior market analyst at DTN, told MarketWatch.<\/p>\n<p>That\u2019s \u201copening the door\u201d for prices to move another $5 to $8 a barrel in the coming weeks, he said. <\/p>\n<p>A 1 million-barrel-a-day production cut implemented by Saudi Arabia in July and recently extended through the end of the year, alongside with a supply cut from Russia, have solidified expectations for a growing supply deficit heading into the fourth quarter.<\/p>\n<p>However, \u201cwith the U.S. dollar nearing its highs for the year, medium sour crudes from Saudi Arabia already trading over $100 [a barrel], and central banks continuing to raise or hold interest rates at historically high levels, demand should begin to slow as we work through Q4,\u201d said Vincent. <\/p>\n<p>He also pointed out that China, \u201cwho has amassed enormous crude stocks over the past year, should begin to lean on inventories built at far cheaper prices and import less crude.\u201d <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-futures-extend-push-above-90-a-barrel-489f67ff?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures on Friday mark new highs for the year, tallying a third weekly gain in a row on continued worries over tight supplies. Price action West Texas Intermediate crude CL00, +0.47% for October delivery CL.1, +0.47% CLV23, +0.47% rose 61 cents, or 0.7%, to settle at $90.77 a barrel on the New York Mercantile<\/p>\n","protected":false},"author":1,"featured_media":19900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-19899","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 v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil futures mark a new high for the year, up a third straight week | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Oil futures on Friday mark new highs for the year, tallying a third weekly gain in a row on continued worries over tight supplies.Price action West Texas\" \/>\n<meta name=\"robots\" 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