{"id":21432,"date":"2023-09-22T19:53:16","date_gmt":"2023-09-22T19:53:16","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/oil-prices-post-back-to-back-losses-with-consolidation-warranted-after-a-recent-rise-to-the-years-highs\/"},"modified":"2023-09-22T19:53:18","modified_gmt":"2023-09-22T19:53:18","slug":"oil-prices-post-back-to-back-losses-with-consolidation-warranted-after-a-recent-rise-to-the-years-highs","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21432","title":{"rendered":"Oil prices post back-to-back losses with consolidation \u2018warranted\u2019 after a recent rise to the year\u2019s highs"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002524478\" role=\"document\">\n<p>Oil futures fell on Wednesday to post back-to-back session losses, in what one analyst referred to as \u201cwarranted\u2019 consolidation after a climb to their highest prices of the year early this week. <\/p>\n<p>Prices failed to find much support from U.S. government data showing a weekly decline of more than 2 million barrels in crude stockpiles, and lost more ground after the Federal Reserve left its benchmark interest rate unchanged, as expected, but signaled another rate-hike this year is possible. <\/p>\n<div class=\"paywall\">\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\">+0.86%<\/bg-quote><\/p>\n<p>        CLV23<span\/><br \/>\n       for October delivery fell  92 cents, or 1%, to settle at $90.28 per barrel on the New York Mercantile Exchange on the contract\u2019s expiration day. The new front month November contract<br \/>\n        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"positive\">+0.86%<\/bg-quote><br \/>\n       settled at $89.66, down 82 cents, or 0.9%.<\/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\">+0.44%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark for oil prices, shed 81 cents, or 0.9%, to $93.54 per barrel on ICE Futures Europe. <\/p>\n<\/li>\n<li>\n      October gasoline\u00a0<br \/>\n        RBV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376529\/delayed\" class=\"negative\">-1.85%<\/bg-quote><br \/>\n       lost 1.5% to $2.62 a gallon, while October heating oil<br \/>\n        HOV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376448\/delayed\" class=\"negative\">-0.93%<\/bg-quote><br \/>\n       fell by 1.4% to $3.33 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=\"positive\">+1.15%<\/bg-quote><br \/>\n       fell 4% to $2.73 per million British thermal units after tacking on 4.4% on Tuesday.<\/p>\n<\/li>\n<\/ul>\n<h2>Other market drivers<\/h2>\n<p>\u201cWe do feel some consolidation is warranted until we see the next leg higher,\u201d Tariq Zahir, managing member at Tyche Capital Advisors, told MarketWatch. <\/p>\n<p>Still, \u201cthe weight of the continued supply production cut through the end of the year by Saudi Arabia and Russia\u2026is not a matter of if, but a matter of when prices will break $100,\u201d he said. <\/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> \u201cWe do feel some consolidation is warranted until we see the next leg higher.\u201d<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 Tariq Zahir, Tyche Capital Advisors<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>Zahir also said that the \u201cone cure for oil prices going higher is higher oil prices to tamper down demand.\u201d That may not happen \u201cuntil we get above $100 a barrel.\u201d<\/p>\n<p>Oil prices lost more ground in the wake of Wednesday\u2019s decision by the Federal Reserve to leave its benchmark rate in a range of 5.25% to 5.5%. The central bank, however, signaled another 25 basis point rate hike this year.<\/p>\n<p><strong>See:<\/strong> Consumers take notice as inflation bites and oil prices top $90 a barrel<\/p>\n<p>In comments during a press conference, Fed Chairman Jerome Powell said one more rate hike this year won\u2019t have a huge significance for the economy. <\/p>\n<p>Worries that the Fed will do too much to stave off inflation have fed concerns over the potential for an economic recession, which could lead to lower demand for oil.<\/p>\n<p><strong>Read:<\/strong> Could rising oil prices tip the U.S. into a recession? Here\u2019s why investors are nowhere near having to worry about it<\/p>\n<p><strong>Also see:<\/strong> Lithium supply may tighten in the years ahead, driving prices higher along with it<\/p>\n<h2>Supply data<\/h2>\n<p>On Wednesday, the Energy Information Administration reported that U.S. commercial crude inventories fell by 2.1 million barrels for the week ended Sept. 15. <\/p>\n<p>Strategists at Macquarie had forecast a 700,000-barrel weekly decline. The late Tuesday, American Petroleum Institute, a trade group, reported a 5.25 million-barrel weekly decline, according to news reports.<\/p>\n<p>The EIA report also revealed supply declines of 800,000 barrels for gasoline and 2.9 million barrels for distillates. Macquarie strategists had forecast weekly inventory declines of 2.9 barrels for gasoline and 1.6 million barrels for distillates. <\/p>\n<p>Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 2.1 million barrels for the week, the EIA said, while oil stocks in the Strategic Petroleum Reserve edged up by 600,000 barrels.<\/p>\n<p>The fall in commercial crude stocks \u201coffset\u201d the addition to the SPR, said Robbie Fraser, manager, global research &amp; analytics, at Schneider Electric, in a daily note.<\/p>\n<p>\u201cWhen combined with changes to refined products, though, overall inventories posted a net build of 3 million barrels, likely in part due to a seasonal reduction in demand,\u201d he said.\u00a0\u201cDomestic production, meanwhile, held flat on the week, falling just short of 13 [million barrels per day], which remains within reach over the next few weeks.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-slide-ahead-of-inventory-report-fed-decision-83a18e55?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures fell on Wednesday to post back-to-back session losses, in what one analyst referred to as \u201cwarranted\u2019 consolidation after a climb to their highest prices of the year early this week. Prices failed to find much support from U.S. government data showing a weekly decline of more than 2 million barrels in crude stockpiles,<\/p>\n","protected":false},"author":1,"featured_media":21433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-21432","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 prices post back-to-back losses with consolidation \u2018warranted\u2019 after a recent rise to the year\u2019s highs | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Oil futures fell on Wednesday to post back-to-back session losses, in what one analyst referred to as \u201cwarranted\u2019 consolidation after a climb to their\" \/>\n<meta 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