{"id":94384,"date":"2020-10-21T18:49:00","date_gmt":"2020-10-21T15:49:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/oil-prices-fall-as-u-s-crude-supply-drop-fails-to-ease-demand-worries\/"},"modified":"2020-10-21T18:49:00","modified_gmt":"2020-10-21T15:49:00","slug":"oil-prices-fall-as-u-s-crude-supply-drop-fails-to-ease-demand-worries","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/oil-prices-fall-as-u-s-crude-supply-drop-fails-to-ease-demand-worries\/","title":{"rendered":"#\n  Oil prices fall as U.S. crude-supply drop fails to ease 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-6a41304a3b11d\" 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-6a41304a3b11d\" 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\/oil-prices-fall-as-u-s-crude-supply-drop-fails-to-ease-demand-worries\/#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\/oil-prices-fall-as-u-s-crude-supply-drop-fails-to-ease-demand-worries\/#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\/oil-prices-fall-as-u-s-crude-supply-drop-fails-to-ease-demand-worries\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Oil prices fall as U.S. crude-supply drop fails to ease demand worries<br \/>\n<\/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 id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000040663\">\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<p>       Oil futures headed lower Wednesday, with a second weekly decline in U.S. crude supplies reported by the Energy Information Administration, which failed to ease pressure from demand concerns.<\/p>\n<p> The rising cases of COVID-19 in the U.S. and Europe, in particular, have led to the potential for more economic shutdowns, which can impede demand for energy. <\/p>\n<div class=\"paywall\">\n       The U.S. Energy Information Administration on Wednesday \u201creported a less than expected draw in crude inventories last week,\u201d Lukman Otunuga, senior research analyst at FXTM, told MarketWatch. While this data are relevant, \u201coil prices remain more concerned with rising coronavirus cases across the globe and demand-side fears.\u201d <\/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 December delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-3.09%<\/bg-quote><br \/>\n       was down $1.41, or 3.4%, at $40.29 a barrel on the New York Mercantile Exchange. <\/p>\n<p>From a technical perspective, a \u201cmove back below $40 could re-open the doors towards $38,\u201d said Otunuga.<\/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\">-2.75%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was off $1.22, or 2.8%, at $41.94 a barrel on ICE Futures Europe.<\/p>\n<p>On Wednesday, the EIA reported that U.S. crude inventories fell by 1 million barrels for the week ended Oct. 16. That followed a 3.8 million-barrel decline the week before. <\/p>\n<p>On average, analysts polled by S&amp;P Global Platts forecast a weekly decrease of 1.9 million barrels, while the American Petroleum Institute on Tuesday reported an increase of 584,000 barrels.<\/p>\n<p>The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 1 million barrels for the week. Total U.S. oil production fell by 600,000 barrels to 9.9 million barrels amid the effects of Gulf of Mexico shut-ins tied to Hurricane Delta earlier this month.<\/p>\n<p>Gasoline supply, meanwhile, climbed by 1.9 million barrels, while distillate stockpiles fell by 3.8 million barrels last week, the EIA said. The S&amp;P Global Platts survey had shown expectations for supply declines of 1.6 million barrels for gasoline and 3 million barrels for distillates.  <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>On Nymex, November gasoline<br \/>\n        RBX20,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210289266\/delayed\" class=\"negative\">-3.51%<\/bg-quote><br \/>\n       fell by 3.9% to $1.1421 a gallon and November heating oil<br \/>\n        HOX20,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210065818\/delayed\" class=\"negative\">-3.23%<\/bg-quote><br \/>\n       shed 3.3% to $1.1343 a gallon.<\/p>\n<p>Despite the pullback for oil, traders may find some encouragement from prospects for another U.S. stimulus package and the recent committee meeting of the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+.<\/p>\n<p>OPEC compliance with production cuts is \u201cwidely expected to protect the downside for oil prices,\u201d said Stephen Innes, chief global markets strategist at axi, in a Wednesday note.<\/p>\n<p>\u201cWhile it is perhaps a bit early to consider modifying the existing production cut plan, this may explain some of the negative sentiment in oil recently,\u201d he said. <\/p>\n<p>Still, \u201csuppose the ramp-up of Libyan production and the global demand recovery pace is a problem for the oil price then expect, as most oil traders do, a slower return of shut-in OPEC+ production,\u201d said Innes. \u201cThis seems likely to be addressed at the full OPEC+ meeting\u201d on Nov. 30 and Dec. 1. <\/p>\n<p>For now, the current OPEC+ agreement calls for output cuts of 7.7 million barrels a day through December, which will then taper to 5.8 million barrels a day starting in January.  <\/p>\n<p>OPEC+ could move to delay the relaxed curbs at any point, said Craig Erlam, senior market analyst at Oanda. He points out that by the next meeting, \u201cthey\u2019ll know who the U.S. President is going to be for the next four years, how bad the second wave [of COVID-19 infections] is and how quickly Libya is ramping up production.\u201d<\/p>\n<p><strong>Read:<\/strong> Here\u2019s how the U.S. presidential election could shake up the oil market<\/p>\n<p>Meanwhile, natural-gas futures were a standout on Nymex, with the November contract<br \/>\n        NGX20,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194809\/delayed\" class=\"positive\">+3.50%<\/bg-quote><br \/>\n       moving up by 3.5% to $3.014 per million British thermal units. Prices for the front-month contract haven\u2019t settled above $3 since January 2019, according to FactSet data.<\/p>\n<p>\u201cThe market is moving higher on the cold weather outlook which will boost demand\u201d and liquefied natural gas exports, said Dan Flynn, an analyst at The Price Futures Group.<\/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\"><\/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\"><span class=\"ez-toc-section\" id=\"and\"><\/span> and<span class=\"ez-toc-section-end\"><\/span><\/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>\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 noreferrer\">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 noreferrer\">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=%7B21004575-02D4-D4B5-4572-D9ED7159C1A9%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Oil prices fall as U.S. crude-supply drop fails to ease demand worries &#8221; Oil futures headed lower Wednesday, with a second weekly decline in U.S. crude supplies reported by the Energy Information Administration, which failed to ease pressure from demand concerns. The rising cases of COVID-19 in the U.S. and Europe, in particular, have&#8230;<\/p>\n","protected":false},"author":1,"featured_media":83793,"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-94384","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\/94384","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=94384"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/94384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/83793"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=94384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=94384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=94384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}