{"id":351379,"date":"2021-10-11T22:04:00","date_gmt":"2021-10-11T19:04:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/futures-movers-u-s-oil-books-first-settlement-above-80-in-almost-7-years\/"},"modified":"2021-10-11T22:04:00","modified_gmt":"2021-10-11T19:04:00","slug":"futures-movers-u-s-oil-books-first-settlement-above-80-in-almost-7-years","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/futures-movers-u-s-oil-books-first-settlement-above-80-in-almost-7-years\/","title":{"rendered":"#Futures Movers: U.S. oil books first settlement above $80 in almost 7 years"},"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-6a4095226baf1\" 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-6a4095226baf1\" 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-u-s-oil-books-first-settlement-above-80-in-almost-7-years\/#Myra_P_Saefong\" >Myra P. Saefong<\/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-u-s-oil-books-first-settlement-above-80-in-almost-7-years\/#and\" >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-u-s-oil-books-first-settlement-above-80-in-almost-7-years\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Futures Movers: U.S. oil books first settlement above $80 in almost 7 years<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\" role=\"region\" aria-label=\"article body\">\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-0000438785\" role=\"document\">\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-0000438785\" 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>       U.S. oil futures on Monday settled above $80 a barrel for the first time in almost seven years, as a global energy crisis persisted, boosting crude demand.<\/p>\n<p> \u201cFrom a fundamental standpoint, the story remains virtually unchanged,\u201d said Brian Steinkamp, commodity analyst at Schneider Electric, in a daily note. \u201cSupply is tight as the world holds steady against COVID and economic activity continues to recover, sending fuel prices across the board higher throughout the year and surging as of late with the <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>roaching\u201d in the Northern Hemisphere. \u00a0<\/p>\n<div class=\"paywall\">\n       \u201cFaced with these prices, attention is turning more and more to alternatives such as oil and associated products: Saudi Aramco commented last week that crude demand has increased by as much as 500,000 barrels a day as a direct result of elevated natural gas prices,\u201d he said.\u00a0<\/p>\n<p><strong>Read:<\/strong> Lofty prices for natural gas may fuel a swing back to oil as a power source<\/p>\n<p>WTI crude for November delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+1.49%<\/bg-quote><\/p>\n<p>        CLX21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727038\/delayed\" class=\"positive\">+1.49%<\/bg-quote><br \/>\n       rose $1.17, or 1.5%, to settle at $80.52 a barrel on the New York Mercantile Exchange. That was the first finish for a front-month WTI contract above $80 a barrel and highest settlement since Oct. 31, 2014, according to Dow Jones Market Data.<\/p>\n<p><strong>Also see:<\/strong> Gasoline prices at a 7-year high may take a \u2018bite out of holiday spending\u2019, says GasBuddy<\/p>\n<p>December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.06%<\/bg-quote><\/p>\n<p>        BRNZ21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705832\/delayed\" class=\"negative\">-0.06%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added $1.26, or 1.5%, to $83.65 a barrel on ICE Futures Europe, with prices logging the highest finish since Oct. 9, 2018.<\/p>\n<p>Last week\u2019s decision by the Organization of the Petroleum Exporting Countries and their allies to raise oil output by the previously agreed upon 400,000 barrels per day each month \u201cremains a significant tailwind for oil and the refined products right now,\u201d said Tyler Richey, co-editor at Sevens Report Research.\u201d <\/p>\n<p>\u201cThat supply side <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> combined with mostly encouraging economic data suggest demand should remain healthy and keep the physical market in a deficit in the months ahead,\u201d he told MarketWatch.<\/p>\n<p>In September, OPEC+ raised crude-oil output by 470,000 barrels per day, but many members still struggled to reach their production quotas, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/oil\/101121-opec-crude-oil-production-rises-in-september-but-remains-below-target-platts-survey\" class=\"icon none\">according to an S&amp;P Global Platts survey released Monday<\/a>. The 19 members with production quotas under the OPEC+ supply accord were a combined 570,000 barrels per day below their allocations for the month, the survey showed.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Also, potentially contributing to the energy crunch in Asia, flooding in China led to the shutdown of dozens of coal mines, lifting prices for Chinese coal futures to record levels Monday, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/2b986dca-bfdb-48f7-ba37-4a5e9a3d1412\" class=\"icon none\">according to the Financial Times<\/a>.<\/p>\n<p>Meanwhile, natural gas has \u201cbecome pretty significantly overbought\u2026with futures having risen nearly 70% since the mid-August lows,\u201d said Richey. \u201cWhile the trend remains rather bullish for natural gas on a medium time frame\u2026we should not be surprised to see the market take a breather here and digest the recent rally.\u201d\u00a0<\/p>\n<p>Soaring natural-gas prices have contributed to a European energy crisis. Gas prices pulled back from highs last week after Russian President Vladimir Putin said the country would honor its export commitments, but the fuel remains historically elevated.<\/p>\n<p>In the U.S. November natural gas<br \/>\n        NG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210189548\/delayed\" class=\"negative\">-3.13%<\/bg-quote><\/p>\n<p>        NGX21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194890\/delayed\" class=\"negative\">-3.13%<\/bg-quote><br \/>\n       fell about 4% to settle at $5.345 per million British thermal units, a more than two-week low. Prices fell 2% on Friday. <\/p>\n<p>Still, natural gas rose nearly 33% in September. Sky-high prices for the fuel are seen adding to demand for crude, with operators of gas-fired power plants, particularly in Asia, expected to switch to crude.<\/p>\n<p>Oil-fired generation accounted for just 3% of world electricity in 2020, down from 11% three decades ago, noted analysts at Soci\u00e9t\u00e9 G\u00e9n\u00e9rale. In Europe, oil burning hasn\u2019t accounted for more than 1.4% of European power generation at any point since 2018.<\/p>\n<p>But in the Middle East and other areas, several utilities, including in Pakistan, Kuwait and South Korea, have started to boost oil purchases, they said.<\/p>\n<p>\u201cIt seems that competing fuels can still have an impact on the oil price at the margin, even though only a few utilities can source and use additional fuel oil on the spot markets to avoid LNG (liquefied natural gas) prices,\u201d the SocGen analysts wrote.<\/p>\n<p>Oil didn\u2019t initially rally alongside natural gas, perhaps because the prices for the two commodities had previously decoupled as they stopped directly competing with each other in terms of inputs, but also because worries over COVID-19 and economic uncertainties insulated crude, the analysts said. By late September, oil prices were trading at two-month highs thanks to strengthening demand and the lingering hit to output following hurricane damage in the Gulf of Mexico.<\/p>\n<p>Also on Nymex Monday, petroleum product prices finished higher, with November gasoline<br \/>\n        RBX21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210289255\/delayed\" class=\"positive\">+0.47%<\/bg-quote><br \/>\n       up 0.5% at $2.378 a gallon and November heating oil<br \/>\n        HOX21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210065852\/delayed\" class=\"positive\">+1.59%<\/bg-quote><br \/>\n       up 1.7% at $2.515 a gallon, the highest since Oct. 29, 2014. Both contracts settled at their highest since October 2014. <\/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\":\"Myra P. Saefong\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/myra-p-saefong\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/MktwSaefong\",\"text\":\"@MktwSaefong\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:mpicache@marketwatch.com\",\"text\":\"mpicache@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\" aria-label=\"links to  author page\"><span class=\"ez-toc-section\" id=\"Myra_P_Saefong\"><\/span>Myra P. Saefong<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<h4><span class=\"ez-toc-section\" id=\"and\"><\/span> and <span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\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\/topics\/journalists\/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\" aria-label=\"links to  author page\"><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. 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-B545-76B2-01A773D2AA7C%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Futures Movers: U.S. oil books first settlement above $80 in almost 7 years&#8221; U.S. oil futures on Monday settled above $80 a barrel for the first time in almost seven years, as a global energy crisis persisted, boosting crude demand. \u201cFrom a fundamental standpoint, the story remains virtually unchanged,\u201d said Brian Steinkamp, commodity analyst at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":97719,"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-351379","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\/351379","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=351379"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/351379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/97719"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=351379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=351379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=351379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}