{"id":19910,"date":"2023-09-16T16:12:27","date_gmt":"2023-09-16T16:12:27","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/u-s-crude-oil-benchmark-settles-above-90-a-barrel-for-the-first-time-this-year\/"},"modified":"2023-09-16T16:12:28","modified_gmt":"2023-09-16T16:12:28","slug":"u-s-crude-oil-benchmark-settles-above-90-a-barrel-for-the-first-time-this-year","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=19910","title":{"rendered":"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002503097\" role=\"document\">\n<p>The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for tight global 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 $1.64, or nearly 1.9%, to settle at $90.16 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since Nov. 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, climbed $1.82, or 2%, at $93.70 a barrel on ICE Futures Europe, the highest finish since Nov. 15.<\/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 $2.74 a gallon, up 0.2%, while 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       added 1.3% to $3.48 a gallon.<\/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       ended at $2.71 per million British thermal units, up 1%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Crude oil \u201cappears to be responding more to supply issues once again amid signs that demand could hold up or even potentially increase in future,\u201d Colin Cieszynski, chief market strategist at SIA Wealth management, told MarketWatch. \u201cUndersupply is only an issue during times of healthy or strong demand, just as oversupply becomes a problem when demand is soft.\u201d\u00a0<\/p>\n<div class=\"paywall\">\n<p>Crude on Wednesday pulled back from 2023 highs after the Energy Information Administration reported a larger-than-expected rise in U.S. crude inventories last week. <\/p>\n<p>Oil had gained ground ahead of the supply data, after the Paris-based International Energy Agency\u2019s monthly report reiterated a forecast for a fourth-quarter deficit in global supply as Saudi Arabia and Russia extend supply cuts through the end of the year.<\/p>\n<p>\u201cOPEC+ is currently demonstrating a remarkable display of pricing power, skillfully increasing prices without causing a significant dent in demand,\u201d said Stephen Innes, managing partner at SPI Asset Management, in a note.<\/p>\n<p>\u201cThis formidable pricing prowess can be attributed to OPEC+\u2019s substantial market share, bolstered by its alliance with Russia, and the relatively inelastic nature of non-OPEC supply, primarily influenced by the financial discipline observed in the U.S. shale industry,\u201d he wrote.<\/p>\n<p>As long as OPEC+ keeps curbs on production and exports, oil prices will remain firm until high prices force a round of demand destruction at the gasoline pump, Innes said.<\/p>\n<p>Meanwhile, economic news Thursday is \u201cbullish for the world economy,\u201d said Cieszynski, implying upbeat prospects for energy demand, with the European Central Bank hinting that it\u2019s \u201cclose to done, if not done\u201d with raising interest rates, and with U.S. retail sales beating expectations.\u00a0<\/p>\n<p>WTI crude has broken out above the $90 \u201cround number,\u201d and the market may start to hear \u201cmore chatter about the big $100 barrier, and political pressure to do something about rising energy costs may start to ramp up again,\u201d he said. <\/p>\n<p>On Nymex Thursday, natural-gas futures settled higher after the EIA reported that U.S. supplies of the commodity in storage rose by 57 billion cubic feet for the week ended Sept. 8. <\/p>\n<p>On average, analysts surveyed by S&amp;P Global Commodity Insights forecast an increase of 49 billion cubic feet.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-crude-oil-benchmark-presses-toward-90-a-barrel-6d837d4f?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for tight global supplies. Price action West Texas Intermediate crude CL00, +0.47% for October delivery CL.1, +0.47% CLV23, +0.47% rose $1.64, or nearly 1.9%, to settle at $90.16 a barrel on<\/p>\n","protected":false},"author":1,"featured_media":14386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-19910","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>U.S. crude-oil benchmark settles above $90 a barrel for the first time this year | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=19910\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year | Micro Loan Nexus\" \/>\n<meta property=\"og:description\" content=\"The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/microloannexus.com\/?p=19910\" \/>\n<meta property=\"og:site_name\" content=\"Micro Loan Nexus\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-16T16:12:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-16T16:12:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/1692947405_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/microloannexus.com\/?p=19910#article\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/?p=19910\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\"},\"headline\":\"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year\",\"datePublished\":\"2023-09-16T16:12:27+00:00\",\"dateModified\":\"2023-09-16T16:12:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/microloannexus.com\/?p=19910\"},\"wordCount\":504,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/microloannexus.com\/?p=19910#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/microloannexus.com\/?p=19910\",\"url\":\"https:\/\/microloannexus.com\/?p=19910\",\"name\":\"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year | Micro Loan Nexus\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/#website\"},\"datePublished\":\"2023-09-16T16:12:27+00:00\",\"dateModified\":\"2023-09-16T16:12:28+00:00\",\"description\":\"The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for\",\"breadcrumb\":{\"@id\":\"https:\/\/microloannexus.com\/?p=19910#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/microloannexus.com\/?p=19910\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/microloannexus.com\/?p=19910#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/microloannexus.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/microloannexus.com\/#website\",\"url\":\"https:\/\/microloannexus.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/microloannexus.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/microloannexus.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/microloannexus.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/microloannexus.com\"],\"url\":\"https:\/\/microloannexus.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year | Micro Loan Nexus","description":"The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/microloannexus.com\/?p=19910","og_locale":"en_US","og_type":"article","og_title":"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year | Micro Loan Nexus","og_description":"The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for","og_url":"https:\/\/microloannexus.com\/?p=19910","og_site_name":"Micro Loan Nexus","article_published_time":"2023-09-16T16:12:27+00:00","article_modified_time":"2023-09-16T16:12:28+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/1692947405_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/microloannexus.com\/?p=19910#article","isPartOf":{"@id":"https:\/\/microloannexus.com\/?p=19910"},"author":{"name":"News Room","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a"},"headline":"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year","datePublished":"2023-09-16T16:12:27+00:00","dateModified":"2023-09-16T16:12:28+00:00","mainEntityOfPage":{"@id":"https:\/\/microloannexus.com\/?p=19910"},"wordCount":504,"commentCount":0,"publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/microloannexus.com\/?p=19910#respond"]}]},{"@type":"WebPage","@id":"https:\/\/microloannexus.com\/?p=19910","url":"https:\/\/microloannexus.com\/?p=19910","name":"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year | Micro Loan Nexus","isPartOf":{"@id":"https:\/\/microloannexus.com\/#website"},"datePublished":"2023-09-16T16:12:27+00:00","dateModified":"2023-09-16T16:12:28+00:00","description":"The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for","breadcrumb":{"@id":"https:\/\/microloannexus.com\/?p=19910#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/microloannexus.com\/?p=19910"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/microloannexus.com\/?p=19910#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/microloannexus.com\/"},{"@type":"ListItem","position":2,"name":"U.S. crude-oil benchmark settles above $90 a barrel for the first time this year"}]},{"@type":"WebSite","@id":"https:\/\/microloannexus.com\/#website","url":"https:\/\/microloannexus.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/microloannexus.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/microloannexus.com\/#organization","name":"Solutions For Real","url":"https:\/\/microloannexus.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/microloannexus.com"],"url":"https:\/\/microloannexus.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/19910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19910"}],"version-history":[{"count":1,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/19910\/revisions"}],"predecessor-version":[{"id":19911,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/19910\/revisions\/19911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/media\/14386"}],"wp:attachment":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}