{"id":284079,"date":"2021-06-25T22:15:00","date_gmt":"2021-06-25T19:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/futures-movers-oil-prices-tally-a-5th-straight-weekly-rise-on-demand-optimism\/"},"modified":"2021-06-25T22:15:00","modified_gmt":"2021-06-25T19:15:00","slug":"futures-movers-oil-prices-tally-a-5th-straight-weekly-rise-on-demand-optimism","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-prices-tally-a-5th-straight-weekly-rise-on-demand-optimism\/","title":{"rendered":"#Futures Movers: Oil prices tally a 5th straight weekly rise on demand optimism"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a413c4dac45b\" 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-6a413c4dac45b\" 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-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-prices-tally-a-5th-straight-weekly-rise-on-demand-optimism\/#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-2\" href=\"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-prices-tally-a-5th-straight-weekly-rise-on-demand-optimism\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Futures Movers: Oil prices tally a 5th straight weekly rise on demand optimism<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/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-0000317574\">\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<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000317574\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Oil futures climbed on Friday, on track for a fifth consecutive weekly gain as investors remain upbeat about demand amid a global economic recovery.<\/p>\n<p> The reason for the \u201cstring of gains is pretty simple: global oil demand is coming back faster than supply,\u201d said Phil Flynn, senior market analyst at The Price Futures Group, in a daily report. \u201cU.S. oil production is sputtering and OPEC seems reluctant to add too many barrels even if it is clear that the global oil market is begging for more.\u201d<\/p>\n<div class=\"paywall\">\n       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 for August delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.85%<\/bg-quote><\/p>\n<p>        CLQ21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725726\/delayed\" class=\"positive\">+0.85%<\/bg-quote><br \/>\n       rose 29 cents, or 0.4%, to $73.59 a barrel on the New York Mercantile Exchange, leaving the U.S. benchmark on track for a more than 3% weekly rise, based on the front-month contracts.<\/p>\n<p>Global benchmark Brent crude\u2019s September contract<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.21%<\/bg-quote><\/p>\n<p>        BRNU21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705595\/delayed\" class=\"negative\">-0.21%<\/bg-quote><span>,<\/span><br \/>\n       which is the most active, was up 4 cents, or 0.05%, at $74.85 a barrel on ICE Futures Europe, while the front-month August contract<br \/>\n        BRNQ21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705462\/delayed\" class=\"negative\">-0.21%<\/bg-quote><br \/>\n       added 9 cents, or 0.1%, to $75.65 a barrel. Brent was headed for a 2.9% weekly rise.<\/p>\n<p><strong>Read:<\/strong> Halfway through the year, steel, ethanol lead the rise in commodities prices<\/p>\n<p>\u201cSentiment and price momentum remain extremely positive,\u201d said Eugen Weinberg, commodity analyst at Commerzbank, in a note.<\/p>\n<p>Crude dipped in Thursday\u2019s session after a report that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, could move next week to further boost output by 500,000 barrels a day beginning in August, building on the planned production rise of 800,000 barrels a day in July, Weinberg said.<\/p>\n<p>But the pressure proved short-lived, he said, because an expansion of supply \u201cis by no means likely to throw the market off track \u2014 as yesterday\u2019s market response illustrates,\u201d he said. \u201cIf anything, it will not even be enough given that the oil market risks being undersupplied to the tune of 1.4 million barrels per day in the second half of the year.\u201d<\/p>\n<p>OPEC+ members are expected to make their decision on production levels during their official meeting on Thursday, July 1. <\/p>\n<p>\u201cDemand is coming back fast and furious, faster than the naysayers thought was even possible,\u201d said Flynn.  <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>\u201cWe are going to see oil demand hit an all-time record high globally probably next year, and the sad part about it is that we might not have the capacity to meet that growing demand,\u201d he added.<\/p>\n<p>Meanwhile, the discount for WTI versus Brent has narrowed sharply, from more than $4 a barrel in late April to a little over $2.25 now, underlining the strength of U.S. demand, said Michael Tran, analyst at RBC Capital Markets, in a note.<\/p>\n<p>U.S. demand \u201cdemand is recovering at a faster rate than other regions,\u201d he wrote. <\/p>\n<p>\u201cImproving demand this spring led to firmer refining margins relative to global regions, which catapulted runs. With rapidly tightening U.S. balances, strength in WTI relative to Brent helps to both incentivize global imports and choke off crude exports,\u201d Tran said.<\/p>\n<p>There may be room for further narrowing of the WTI\/Brent spread, since markets often overshoot, he said, but noted that inbound crude shipments are running at their highest pace so far this year.<\/p>\n<p>Back on Nymex, prices for petroleum products edged lower, but poised to end the week higher. July gasoline<br \/>\n        RBN21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210287794\/delayed\" class=\"negative\">-0.97%<\/bg-quote><br \/>\n       fell 0.4% to $2.27 a gallon, with prices up nearly 4.8% for the week. July heating oil<br \/>\n        HON21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210064091\/delayed\" class=\"negative\">-0.80%<\/bg-quote><br \/>\n       traded down by 0.3% at $nearly $2.16 a gallon , on track for a weekly climb of 3%.<\/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\">+2.02%<\/bg-quote><span>,<\/span><br \/>\n       which expires at the end of Monday\u2019s session, traded at $3.46 per million British thermal units, trading up 1.3% for the session and looking at a weekly climb of 7.7%.<\/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-B545-74D8-8622036D5B25%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Futures Movers: Oil prices tally a 5th straight weekly rise on demand optimism&#8221; Oil futures climbed on Friday, on track for a fifth consecutive weekly gain as investors remain upbeat about demand amid a global economic recovery. The reason for the \u201cstring of gains is pretty simple: global oil demand is coming back faster than&#8230;<\/p>\n","protected":false},"author":1,"featured_media":144819,"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-284079","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\/284079","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=284079"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/284079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/144819"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=284079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=284079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=284079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}