{"id":301403,"date":"2021-07-16T22:08:00","date_gmt":"2021-07-16T19:08:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/futures-movers-oil-ends-higher-but-u-s-prices-log-biggest-weekly-drop-since-march\/"},"modified":"2021-07-16T22:08:00","modified_gmt":"2021-07-16T19:08:00","slug":"futures-movers-oil-ends-higher-but-u-s-prices-log-biggest-weekly-drop-since-march","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-ends-higher-but-u-s-prices-log-biggest-weekly-drop-since-march\/","title":{"rendered":"#Futures Movers: Oil ends higher, but U.S. prices log biggest weekly drop since March"},"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-6a3bf23931688\" 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-6a3bf23931688\" 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\/futures-movers-oil-ends-higher-but-u-s-prices-log-biggest-weekly-drop-since-march\/#OPEC_supply_worries_and_COVID_demand_concerns_weigh_on_crude_oil_prices\" >OPEC supply worries and COVID demand concerns weigh on crude oil prices<\/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\/futures-movers-oil-ends-higher-but-u-s-prices-log-biggest-weekly-drop-since-march\/#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\/futures-movers-oil-ends-higher-but-u-s-prices-log-biggest-weekly-drop-since-march\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Futures Movers: Oil ends higher, but U.S. prices log biggest weekly drop since March<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"OPEC_supply_worries_and_COVID_demand_concerns_weigh_on_crude_oil_prices\"><\/span>\n  OPEC supply worries and COVID demand concerns weigh on crude oil prices<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\" data-nosnippet>\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-0000339380\">\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-0000339380\" 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 ended higher on Friday, but the U.S. benchmark logged its biggest weekly drop since March, pressured by the possibility of more crude supplies on the global market and risks to the demand outlook.<\/p>\n<p> Phil Flynn, senior  market analyst at The Price Futures Group, attributed the price shift higher Friday, in part, to expectations that oil prices will have to \u201cgo up a lot higher\u201d if the market is going to have enough incentive to meet future oil demand. <\/p>\n<div class=\"paywall\">\n       More than likely, however, the move up was \u201cmore technical\u201d as traders start to realize that the move down on the weak consumer confidence number was \u201cprobably an overreaction, mainly because retail sales were still very strong,\u201d he told MarketWatch.<\/p>\n<p>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=\"negative\">-0.28%<\/bg-quote><\/p>\n<p>        CLQ21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725726\/delayed\" class=\"negative\">-0.28%<\/bg-quote><br \/>\n       tacked on 16 cents, or 0.2%, to settle at $71.81 a barrel on the New York Mercantile Exchange after t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing an intraday low of $70.41. The U.S. benchmark ended down 3.7% for the week, marking the biggest weekly fall for a front-month contract contract since the week ended March 26, according to Dow Jones Market Data.<\/p>\n<p>September Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.39%<\/bg-quote><\/p>\n<p>        BRNU21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705595\/delayed\" class=\"negative\">-0.39%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added 12 cents, or 0.2%, at $73.59 a barrel on ICE Futures Europe, though still down 2.6% for the week, its biggest weekly slide since May.<\/p>\n<p>Oil prices had lost more ground Friday shortly after data showed that U.S. consumer sentiment index from the University of Michigan fell to 80.8 in July from 85.5 in June.<\/p>\n<p>\u201cThe shocking drop in consumer confidence really hit\u201d oil, said Flynn. Retail sales, meanwhile, went through the roof, but \u201cpeople were less confident as they were spending money.\u201d<\/p>\n<p>\u201cRegardless, the shocking drop on the University of Michigan consumer confidence caused oil to drop on fears that it would reduce gasoline demand from consumers,\u201d Flynn told MarketWatch. The Energy Information Administration reported on Wednesday a weekly decline in implied motor gasoline demand. <\/p>\n<p>The United Arab Emirates and Saudi Arabia reportedly reached a compromise this week that would allow OPEC+ to further relax production curbs beginning next month, contributing to oil\u2019s price loss this week. <\/p>\n<p>\u201cThe possibility that the OPEC+ agreement might fall apart, even if Saudi Arabia and the UAE reach a compromise, suggests that the group won\u2019t keep enough oil off the market to send prices higher from here,\u201d Michael Lynch, president of Strategic Energy &amp; Economic Research, told MarketWatch. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>The reported compromise with the UAE could also \u201csee others clamor for relief from quotas in the short term, which would at the least be bad for market psychology,\u201d he said.<\/p>\n<p>Over in the U.S., data hint at a potential rise in production. Baker Hughes<br \/>\n        BKR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205323712\/composite\" class=\"negative\">-2.92%<\/bg-quote><br \/>\n       on Friday reported a third-straight weekly climb in the number of active U.S. oil rigs drilling for oil.<\/p>\n<p>Meanwhile, the number of COVID-19 caseS globally has climbed on the heels of the spread of the delta variant, raising concerns for renewed economic restrictions that would limit energy demand.<\/p>\n<p>\u201cThe spread of the delta variant and subsequent new economic restrictions overseas paired with the disappointing demand metrics in the EIA data this week are weighing on the demand outlook for the market,\u201d analysts at Sevens Report Research wrote in Friday\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter.<\/p>\n<p>Crude prices had fallen sharply on Wednesday in part due to the fall in fuel demand, but also because of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/opec-reaches-compromise-with-u-a-e-over-oil-production-standoff-11626264218?mod=article_inline&amp;mod=article_inline&amp;mod=article_inline\" class=\"icon none\">reports<\/a>\u00a0that the U.A.E. and Saudi Arabia had reached a compromise in their dispute over output cuts. The deal would reportedly allow the U.A.E. to use a higher baseline to determine its output level beginning in April.  OPEC+ has yet to ratify the deal, which would see the group further relax its existing output cuts by around 400,000 barrels a day per month from August through December, adding around 2 million barrels a day of production by the end of the year.<\/p>\n<p>\u201cAll signs indicate that OPEC+ is heading for a potential compromise agreement that will allow U.A.E. to secure a baseline adjustment, but other producers will undoubtedly seek similar treatment and potentially prolong the deliberations\u201d heading into an August meeting, wrote analysts at RBC Capital Markets, in a note.<\/p>\n<p>The fall in crude prices, meanwhile, \u201cis remarkable in view of the steep decline in U.S. crude oil stocks and the prospect of a marked rise in oil demand and a sizable supply deficit in the months until year\u2019s end,\u201d wrote Carsten Fritsch, analyst at Commerzbank, in a note.<\/p>\n<p>Fritch noted that OPEC, in its monthly report Thursday, forecast oil demand to rise to 99 million barrels a day by the end of 2021, around 5 million barrels a day higher than in the first six months of the year. OPEC looks for demand to hit pre-pandemic levels in 2022, topping 100 million barrels a day later in the year.<\/p>\n<p>Back on Nymex, August gasoline<br \/>\n        RBQ21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210287971\/delayed\" class=\"negative\">-0.45%<\/bg-quote><br \/>\n       rose nearly 0.2% to $2.25 a gallon, for a weekly loss of 1.7%, and August heating oil<br \/>\n        HOQ21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210064444\/delayed\" class=\"negative\">-0.52%<\/bg-quote><br \/>\n       finished little changed at $2.11 a gallon \u2014 around 1.9% lower for the week.<\/p>\n<p>August natural gas<br \/>\n        NGQ21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210192897\/delayed\" class=\"positive\">+1.83%<\/bg-quote><br \/>\n       settled at $3.67 per million British thermal units, up 1.7% on Friday, though unchanged for the week.<\/p>\n<p><strong>Read:<\/strong> Why the  natural-gas market may come up short on supplies this winter<\/p>\n<p><strong>Also see: <\/strong>Why now might be the best time to buy lumber<\/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 News 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-B545-752D-B470D91C5497%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 ends higher, but U.S. prices log biggest weekly drop since March&#8221; OPEC supply worries and COVID demand concerns weigh on crude oil prices Oil futures ended higher on Friday, but the U.S. benchmark logged its biggest weekly drop since March, pressured by the possibility of more crude supplies on the global market&#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-301403","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\/301403","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=301403"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/301403\/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=301403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=301403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=301403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}