{"id":271411,"date":"2021-06-10T22:14:00","date_gmt":"2021-06-10T19:14:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/oil-edges-higher-with-u-s-prices-back-above-70-a-barrel\/"},"modified":"2021-06-10T22:14:00","modified_gmt":"2021-06-10T19:14:00","slug":"oil-edges-higher-with-u-s-prices-back-above-70-a-barrel","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/oil-edges-higher-with-u-s-prices-back-above-70-a-barrel\/","title":{"rendered":"#\n  Oil edges higher, with U.S. prices back above $70 a barrel"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af681e30482e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af681e30482e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-edges-higher-with-u-s-prices-back-above-70-a-barrel\/#OPECs_2021_oil-demand_growth_forecast_unchanged\" >OPEC\u2019s 2021 oil-demand growth forecast unchanged<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-edges-higher-with-u-s-prices-back-above-70-a-barrel\/#Myra_P_Saefong_and\" >Myra P. Saefong and<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-edges-higher-with-u-s-prices-back-above-70-a-barrel\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Oil edges higher, with U.S. prices back above $70 a barrel<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"OPECs_2021_oil-demand_growth_forecast_unchanged\"><\/span>\n  OPEC\u2019s 2021 oil-demand growth forecast unchanged<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000301290\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Oil futures edged higher Thursday, after a weekly jump in U.S. gasoline inventories and a fall in implied demand for the fuel reported by the government a day earlier helped push U.S. benchmark crude prices back below $70 a barrel.<\/p>\n<p> The market seems \u201cconvinced\u201d that both Brent and West Texas Inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te crude \u201cdeserve to be traded above $70 dollars under the current demand trajectory, and maintaining these levels shows that patience prevails against last week\u2019s gasoline inventories upset,\u201d said Louise Dickson, oil markets analyst at Rystad Energy, in a daily note.<\/p>\n<div class=\"paywall\">\n       The Energy Information Administration on Wednesday reported a 5.2 million-barrel fall in domestic crude inventories for the week ended June 4, but also said gasoline stocks climbed by 7 million barrels. Meanwhile, the amount of finished motor gasoline supplied for that week, a proxy for demand, fell by 666,000 barrels to 8.48 million barrels a day. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/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><br \/>\n        The rise in U.S. gasoline stocks is \u201ca reminder that the journey towards normal, pre-pandemic oil consumption levels is not a straight route.\u201d<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Louise Dickson, Rystad Energy<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>       The rise in U.S. gasoline stocks is \u201ca reminder that the journey towards normal, pre-pandemic oil consumption levels is not a straight route,\u201d said Dickson.<\/p>\n<p> West Texas Intermediate crude for July delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.37%<\/bg-quote><\/p>\n<p>        CLN21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725322\/delayed\" class=\"positive\">+0.37%<\/bg-quote><br \/>\n       rose 20 cents, or 0.3%, to $70.16 a barrel on the New York Mercantile Exchange. August Brent crude, the global benchmark,<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.07%<\/bg-quote><\/p>\n<p>        BRNQ21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705462\/delayed\" class=\"negative\">-0.07%<\/bg-quote><br \/>\n       was up 22 cents, or 0.3%, at $72.44 a barrel on ICE Futures Europe.<\/p>\n<p>In a monthly report released Thursday, the Organization of the Petroleum Exporting Countries left its forecast for growth in oil demand this year unchanged. It expects demand to grow by 6 million barrels a day, with total oil demand at 96.58 million barrels a day. <\/p>\n<p>U.S. oil futures had lost ground Wednesday, a day after WTI closed above $70 a barrel for the first time since October 2018. Brent on Wednesday had settled unchanged for the session.<\/p>\n<p>In Thursday dealings on Nymex, July gasoline<br \/>\n        RBN21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210287794\/delayed\" class=\"positive\">+0.45%<\/bg-quote><br \/>\n       tacked on 0.3% to $2.21 a gallon and July heating oil<br \/>\n        HON21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210064091\/delayed\" class=\"positive\">+0.63%<\/bg-quote><br \/>\n       rose 0.5% to $2.14 a gallon.<\/p>\n<p>Gasoline demand data were a bit skewed, said Phil Flynn, senior market analyst at The Price Futures Group, as it came in the aftermath of the Colonial Pipeline shutdown last month.<\/p>\n<p>\u201cEveryone filled their tanks early,\u201d he said in a Thursday report. Then \u201cwe saw a flood of imports from Europe, and the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/05\/11\/fact-sheet-the-biden-harris-administration-has-launched-an-all-of-government-effort-to-address-colonial-pipeline-incident\/\" class=\"icon none\">waiver of the Jones Act<\/a> had supplies moving in places where they do not normally move.\u201d<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Meanwhile, another analyst attributed the rise in gasoline inventories to rainy weather over the eastern half of the U.S. over Memorial Day weekend.<\/p>\n<p>\u201cRefiners were running at accelerated levels heading into the beginning of summer driving season, but rain pummeled a large part of the area from the Midwest to East Coast, with New Jersey getting over 3 inches of precipitation on Saturday and Sunday,\u201d said Robert Yawger, director of energy futures at Mizuho Securities, in a note.<\/p>\n<p>Also on Nymex, prices for natural gas continued to trade higher after the EIA on Thursday reported that supplies of the fuel rose 98 billion cubic feet for the week ended June 4. That was <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly in line with the average increase of 95 billion cubic feet forecast by analysts, and came in above the five-year average build of 92 Bcf, according to a survey conducted by S&amp;P Global Platts.<\/p>\n<p>July natural gas<br \/>\n        NGN21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210191235\/delayed\" class=\"positive\">+0.54%<\/bg-quote><br \/>\n       rose 2.5 cents, or 0.8%, to trade at $3.15 per million British thermal units, looking to extend its gain to the highest settlement since February.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Myra P. Saefong\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Myra_P_Saefong_and\"><\/span>Myra P. Saefong and<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\" \",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"> <\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"William Watts\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"William_Watts\"><\/span>William Watts<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-7498-EAEE69D5786A%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Oil edges higher, with U.S. prices back above $70 a barrel &#8221; OPEC\u2019s 2021 oil-demand growth forecast unchanged Oil futures edged higher Thursday, after a weekly jump in U.S. gasoline inventories and a fall in implied demand for the fuel reported by the government a day earlier helped push U.S. benchmark crude prices back&#8230;<\/p>\n","protected":false},"author":1,"featured_media":89248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-271411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/271411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=271411"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/271411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/89248"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=271411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=271411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=271411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}