{"id":542999,"date":"2023-01-24T18:27:00","date_gmt":"2023-01-24T15:27:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/futures-movers-oil-pulls-back-from-recent-gains-but-traders-remain-optimistic-on-china-demand\/"},"modified":"2023-01-24T18:27:00","modified_gmt":"2023-01-24T15:27:00","slug":"futures-movers-oil-pulls-back-from-recent-gains-but-traders-remain-optimistic-on-china-demand","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-pulls-back-from-recent-gains-but-traders-remain-optimistic-on-china-demand\/","title":{"rendered":"#Futures Movers: Oil pulls back from recent gains, but traders remain optimistic on China demand"},"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-6a3844e4e9507\" 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-6a3844e4e9507\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-pulls-back-from-recent-gains-but-traders-remain-optimistic-on-china-demand\/#%E2%80%9CFutures_Movers_Oil_pulls_back_from_recent_gains_but_traders_remain_optimistic_on_China_demand%E2%80%9D\" >&#8220;Futures Movers: Oil pulls back from recent gains, but traders remain optimistic on China demand&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-pulls-back-from-recent-gains-but-traders-remain-optimistic-on-china-demand\/#Natural-gas_prices_retreat_after_Mondays_6_climb\" >Natural-gas prices retreat after Monday\u2019s 6% climb<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-pulls-back-from-recent-gains-but-traders-remain-optimistic-on-china-demand\/#Price_action\" >Price action<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-pulls-back-from-recent-gains-but-traders-remain-optimistic-on-china-demand\/#Market_drivers\" >Market drivers<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-pulls-back-from-recent-gains-but-traders-remain-optimistic-on-china-demand\/#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-6\" href=\"https:\/\/buradabiliyorum.com\/en\/futures-movers-oil-pulls-back-from-recent-gains-but-traders-remain-optimistic-on-china-demand\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CFutures_Movers_Oil_pulls_back_from_recent_gains_but_traders_remain_optimistic_on_China_demand%E2%80%9D\"><\/span>&#8220;Futures Movers: Oil pulls back from recent gains, but traders remain optimistic on China demand&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Natural-gas_prices_retreat_after_Mondays_6_climb\"><\/span>\n  Natural-gas prices retreat after Monday\u2019s 6% climb<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 crawler\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001591443\" 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-0001591443\" 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 edged lower on Tuesday, easing back after recent gains but underpinned by continued optimism over the demand outlook from China after the country dropped COVID restrictions.<\/p>\n<p> Natural-gas futures moved lower after posting a gain of more than 6% a day earlier on forecasts for colder U.S. weather.<\/p>\n<div class=\"paywall\">\n<h6><span class=\"ez-toc-section\" id=\"Price_action\"><\/span>Price action<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<ul class=\"articleList\">\n<li>\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 March delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.82%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.82%<\/bg-quote><\/p>\n<p>        CLH23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724014\/delayed\" class=\"negative\">-0.82%<\/bg-quote><br \/>\n       fell 67 cents, or 0.8%, to $80.95 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      March Brent crude<br \/>\n        BRNH23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705057\/delayed\" class=\"negative\">-0.77%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was down 70 cents, or 0.8%, at $87.49 a barrel on ICE Futures Europe. April Brent<br \/>\n        BRNJ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705246\/delayed\" class=\"negative\">-0.78%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract, traded at $87.46 a barrel, down 70 cents, or 0.8%.<\/p>\n<\/li>\n<li>\n      Back on Nymex, February gasoline<br \/>\n        RBG23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376505\/delayed\" class=\"negative\">-1.26%<\/bg-quote><br \/>\n       fell 1.5% to $2.6548 a gallon, while February heating oil<br \/>\n        HOG23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376424\/delayed\" class=\"negative\">-2.02%<\/bg-quote><br \/>\n       shed 0.3% to $3.5412 a gallon.<\/p>\n<\/li>\n<li>\n      February natural gas<br \/>\n        NGG23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210189830\/delayed\" class=\"negative\">-0.75%<\/bg-quote><br \/>\n       declined by 0.3% to $3.437 per million British thermal units, ahead of its Friday expiration. March natural gas<br \/>\n        NG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210189548\/delayed\" class=\"negative\">-1.92%<\/bg-quote><\/p>\n<p>        NGH23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190094\/delayed\" class=\"negative\">-1.92%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract, was down 1.7% at $3.168 per million BTUs.<\/p>\n<\/li>\n<\/ul>\n<h6><span class=\"ez-toc-section\" id=\"Market_drivers\"><\/span>Market drivers<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p> Crude-oil prices saw a mixed finish Monday, with WTI losing ground as Brent extended its winning streak to a third session. Expectations for a pickup in crude demand from China have served to support crude since a dip to start the year.<\/p>\n<p>There have also been worries about a recession in the U.S. that could hurt oil demand. On Tuesday, an S&amp;P survey showed that U.S. businesses contracted again in January as demand for goods and services fell for the fourth month in a row. The survey did show some signs of modest improvement.<\/p>\n<p>The S&amp;P Global \u201cflash\u201d U.S. services sector index rose to a three-month high of 46.6 from 44.7 in December. The service side of the economy employs most Americans. Any number below 50 suggests a contracting economy.<\/p>\n<p>Still, some analysts contend crude\u2019s gains remain underwhelming relative to other commodities.<\/p>\n<p>Expectations for a recovery in Chinese demand \u201chave yet to translate into substantial gains for crude oil, whose rebound has been somewhat tame compared with other commodities such as copper, amid some concerns about how smooth China\u2019s reopening will be,\u201d said Raffie Boyadjian, lead investment analyst at XM, in a note.<\/p>\n<p>WTI is up 1.8% so far in January, based on the most actively traded contract, while Brent has risen 2.7%. Copper<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"negative\">-0.40%<\/bg-quote><br \/>\n       has jumped more than 11% over the same stretch. <\/p>\n<p><strong>Read:<\/strong> What\u2019s behind copper\u2019s impressive rise?<\/p>\n<p>On Feb. 5, the European Union will impose a ban on imports of Russia-refined petroleum products, and a price cap on Russian oil products will also take effect. That follows an EU embargo and G7 price cap on Russian seaborne oil last month.  <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>\u201cA key question is whether these measures are already lowering or will further lower Russian oil production,\u201d said Stephen Innes, managing partner at SPI Asset Management, in a market update. <\/p>\n<p>Meanwhile, the OPEC+ Joint Ministerial Monitoring Committee (JMMC), which reviews the oil market, is expected to meet on Feb. 1. The next full meeting of members of the policy-setting Organization of the Petroleum Exporting Countries and their allies is scheduled for June.<\/p>\n<p>The JMMC is expected to \u201cendorse the producer\u2019s groups current output policy and hope that Chinese demand will balance out worries over inflation and global economic slowdown,\u201d the Kansas City energy at StoneX wrote in a Tuesday report. <\/p>\n<p>The U.S. will get a weekly update on petroleum supplies from the Energy Information Administration on Wednesday. On average, analysts expect the report to show supply declines of 2.4 million barrels for crude, 100,000 barrels for gasoline and 1.6 million barrels for distillates, according to a survey conducted by S&amp;P Global Commodity Insights.<\/p>\n<p>Natural gas has rebounded this week after a sharp slump to begin the year amid unseasonably warm temperatures across much of the U.S. Still, it remains down more than 20% so far in January, after a selloff that left the commodity deeply oversold and vulnerable to a short-covering rally, wrote analysts at Sevens Report Research.<\/p>\n<p>\u201cLooking ahead, more volatile trade is likely with the market susceptible to squeezy rallies, but the current trend is decidedly bearish right now with a break below $3.00 a distinct possibility in the months ahead,\u201d they wrote.<\/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\"><span class=\"ez-toc-section\" id=\"Myra_P_Saefong\"><\/span>Myra P. Saefong<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"147_MW\" author-name=\"Myra P. Saefong and William Watts\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Foil-edges-higher-as-traders-remain-optimistic-on-china-demand-11674564709%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><br \/>\n and\n          <\/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\"><span class=\"ez-toc-section\" id=\"William_Watts\"><\/span>William Watts<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"205_MW\" author-name=\"Myra P. Saefong and William Watts\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Foil-edges-higher-as-traders-remain-optimistic-on-china-demand-11674564709%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/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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Natural-gas futures moved lower after&#8230;<\/p>\n","protected":false},"author":1,"featured_media":543000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-637623\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-542999","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\/542999","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=542999"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/542999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/543000"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=542999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=542999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=542999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}