{"id":314941,"date":"2021-08-03T22:16:00","date_gmt":"2021-08-03T19:16:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/futures-movers-oil-ends-lower-extends-drop-as-covid-spread-stokes-demand-worries\/"},"modified":"2021-08-03T22:16:00","modified_gmt":"2021-08-03T19:16:00","slug":"futures-movers-oil-ends-lower-extends-drop-as-covid-spread-stokes-demand-worries","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-ends-lower-extends-drop-as-covid-spread-stokes-demand-worries\/","title":{"rendered":"#Futures Movers: Oil ends lower, extends drop as COVID spread stokes demand worries"},"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-6a35a94fbee40\" 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-6a35a94fbee40\" 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-ends-lower-extends-drop-as-covid-spread-stokes-demand-worries\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Futures Movers: Oil ends lower, extends drop as COVID spread stokes demand worries<\/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\" 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-0000360789\">\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-0000360789\" 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 gave up early gains to finish lower Tuesday, extending a sharp decline from the previous session blamed on worries about the impact on demand from the spread of the delta variant of the coronavirus that causes COVID-19.<\/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 September delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.83%<\/bg-quote><\/p>\n<p>        CLU21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726639\/delayed\" class=\"negative\">-0.83%<\/bg-quote><br \/>\n       fell 70 cents, or 1%, to close at $70.56 a barrel on the New York Mercantile Exchange. October Brent crude BRN00 BRNV21, the global benchmark, declined 48 cents, or 0.7%, ending at $72.41\u00a0 a barrel on ICE Futures Europe. Both benchmarks fell more than 3% Monday.<\/p>\n<div class=\"paywall\">\n<p>The 2021 oil rally, which has seen WTI and Brent both rise around 48% year-to-date, has been driven by the resumption of economic growth as businesses have reopened and consumer demand for gasoline has risen, said Tom Essaye, founder of Sevens Report, in a note.<\/p>\n<p>Ongoing continued production discipline among members of the Organization of the Petroleum Exporting Countries and their allies, or OPEC+ has also helped, Essaye said. <\/p>\n<p>\u201cWhile the latter will likely remain intact in the months and quarters ahead, the former is coming more into question given the delta variant\u2019s potential impact<br \/>on virus countermeasures as well as uncertain economic trends,\u201d he wrote.<\/p>\n<p>If the demand pillar of the oil rally begins to crumble, year-to-date gains won\u2019t be sustainable, he said.<\/p>\n<p>\u201cLooking ahead, we remain neutral on oil right now as the market looks for further insight to the current fundamentals,\u201d Essaye said. \u201cThat will likely leave WTI pinned between support at $66 and resistance at $77\/barrel.\u201d<\/p>\n<p>The September WTI contract on Nymex formed a top at $76.07 in<br \/>early July and a lower top at 74.23 at the end of last week, with the mid-June low at 68.86 being targeted to the downside, said Axel Rudolph, technical analyst at Commerzbank, in a note (see chart below).<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:96.14285714285714%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-379554?width=540&amp;size=1.0398050365556457 540w, https:\/\/images.mktw.net\/im-379554?width=620&amp;size=1.0398050365556457 620w, https:\/\/images.mktw.net\/im-379554?width=639&amp;size=1.0398050365556457 639w, https:\/\/images.mktw.net\/im-379554?width=700&amp;size=1.0398050365556457 700w, https:\/\/images.mktw.net\/im-379554?width=700&amp;size=1.0398050365556457&amp;pixel_ratio=1.5 1050w, https:\/\/images.mktw.net\/im-379554?width=700&amp;size=1.0398050365556457&amp;pixel_ratio=2 1400w, https:\/\/images.mktw.net\/im-379554?width=700&amp;size=1.0398050365556457&amp;pixel_ratio=3 2100w\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 620px, (max-width: 1299px) 540px, 700px\" src=\"https:\/\/images.mktw.net\/im-379554?width=700&amp;height=673\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Commerzbank<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>\u201cFurther down sits strong support at $66.38\/$64.94, made up of the March and mid-May highs and July low,\u201d he wrote. \u201cThis is likely to soon be reached as well.\u201d<\/p>\n<p>Investors will also be paying attention to weekly data on U.S. crude and product inventories. The American Petroleum Institute is expected to provide its inventory readings late Tuesday, while official data from the Energy Information Administration is due Wednesday morning.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Analysts surveyed by S&amp;P Global Platts, on average, look for crude inventories to show a drop of 4 million barrels last week. Gasoline stocks are expected to show a drop of 1.1 million barrels, while distillate supplies are seen down 600,000 barrels.<\/p>\n<p>September natural-gas futures<br \/>\n        NG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210189548\/delayed\" class=\"positive\">+3.05%<\/bg-quote><\/p>\n<p>        NGU21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210193984\/delayed\" class=\"positive\">+3.05%<\/bg-quote><br \/>\n       jumped 2.3% to $4.027 per million British thermal units.<\/p>\n<p>\u201cAfter a large selloff on Friday, bullish momentum has resumed on the back of hotter weather forecasts and expectations of a smaller-than-normal storage injection to be announced later this week,\u201d said Christin Redmond, commodity analyst at Schneider Electric, in a note.<\/p>\n<p>In other products trade, September gasoline<br \/>\n        RB00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210286597\/delayed\" class=\"negative\">-0.14%<\/bg-quote><\/p>\n<p>        RBU21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210288828\/delayed\" class=\"negative\">-0.14%<\/bg-quote><br \/>\n       fell 0.2% to finish at $2.2708 a gallon, while September heating oil<br \/>\n        HO00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210062576\/delayed\" class=\"negative\">-0.35%<\/bg-quote><\/p>\n<p>        HOU21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210065453\/delayed\" class=\"negative\">-0.35%<\/bg-quote><br \/>\n       shed 0.4% to close at $2.1264 a gallon.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"William Watts\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/author\/william-watts\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/wlwatts\",\"text\":\"@wlwatts\"},{\"type\":\"link\",\"icon\":\"facebook\",\"url\":\"https:\/\/facebook.com\/williamwattsmarkets\",\"text\":\"williamwattsmarkets\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:bwatts@marketwatch.com\",\"text\":\"bwatts@marketwatch.com\"}]}' 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<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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West Texas Intermediate&#8230;<\/p>\n","protected":false},"author":1,"featured_media":274464,"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-314941","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\/314941","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=314941"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/314941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/274464"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=314941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=314941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=314941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}