![]() ![]() Oil prices will be “extremely volatile and…regain $100 in the short term,” Zahir said, adding that “we do feel risk is to the upside as we are in hurricane season,” which can disrupt energy supplies in the Gulf of Mexico region. Friday, PMI data for July revealed a fall to a 26-month low of 47 from 51.6 in the prior month, based on a “flash” survey from S&P Global Market Intelligence.īut analysts said worries about tight global supplies were likely to limit downside for crude. “This serves as another sign of how major economies are struggling to battle runaway inflation, further stoking recessionary fears in the market,” said Kelley. intraday 1w 1m 6m ytd 1y 3y 5y max Mountain-Chart Date Commodity Snapshot 83.63 Prev. “Weak economic data continue to be a key bearish driver in the market,” said Christin Kelley, senior commodity analyst at Schneider Electric, in a note.Įurozone PMI data released Friday showed a contraction in European business activity in July, “feeding fears that a recession may be on the horizon.” Also, the European Central Bank raised interest rates for the first time in 11 years on Thursday. View the futures and commodity market news, futures pricing and futures trading. Worries about an economic recession have also dulled prospects for energy demand. BRN.1 A complete Brent Crude Oil (IFEU /bbl) Front Month futures overview by MarketWatch. If refiners don’t need to make gasoline, then they don’t need feedstock crude oil to make gasoline,” said Robert Yawger, executive director of energy futures at Mizuho Securities, in a note. “The slide in RBOB gasoline, and concerns around gasoline demand destruction, is also putting pressure on crude oil. Moreover, the rise came despite a cut in refinery runs to 93.7% last week from 94.9% a week earlier. gasoline inventories unexpectedly rose 3.5 million barrels last week versus forecasts for a rise of 400,000 barrels. “Demand destruction is finally happening,” with Energy Information Administration numbers showing gasoline demand getting softer, said Tariq Zahir, managing member at Tyche Capital Advisors.Įnergy Information Administration data released on Wednesday showed U.S. Rose 4.6% to $8.299 per million British thermal units, ending the week more than 18% higher. Lost nearly 3.8% at $3.4556 a gallon - down 6.6% from a week ago. The most actively traded contract, fell $1.10, or 1.1%, at $98.38.Īdded 2.3% to $3.2228 a gallon, with prices up 0.3% for the week, while August heating oil ![]() The global benchmark, lost 66 cents, or 0.6%, to $103.20 a barrel on ICE Futures Europe, ending 2% above the front-month finish of $101.16 a week ago. ![]() The September contract, which became the front month at the end of Wednesday’s trading session, ended roughly 0.1% higher for the week, according to Dow Jones Market Data. October Brent crude BRNV23 added 37 cents, or 0.4, at 85.86 a barrel on ICE Futures. Prices finished nearly 3% below the week-ago $97.59 settlement of the previous front-month August contract. Prices tallied a fifth straight session climb, the longest since March, according to Dow Jones Market Data. West Texas Intermediate crude for September deliveryįell $1.65, or 1.7%, to settle at $94.70 a barrel on the New York Mercantile Exchange. prices holding below $100 a barrel but the front-month September contract posting a weekly gain. ‘I’m moving from L.A.Oil futures settled lower on Friday, pressured by signs of faltering gasoline demand in the middle of summer driving season, with U.S. Semtech announces Mark Lin as incoming CFO Want to retire, but need to keep working? Sometimes you can’t do either. ‘We’re dreaming of a new life’: My wife and I have $2.5 million saved. Is it a bad idea to get married?Īppeals court scales back order squelching Biden administration contact with social media platforms ‘I’m conflicted’: My fiancé earns less than me, and racks up credit-card debt. ‘She needs the money for care’: My 103-year-old grandmother’s adviser bought 5 bank stocks. ‘The dream of homeownership is alive,’ says BofA’s head of retail lending. ![]() View the futures and commodity market news, futures pricing and. Should I follow the 4% rule if I don’t want to leave an inheritance? BRN.1 A complete Brent Crude Oil (IFEU /bbl) Front Month futures overview by MarketWatch. I’m retiring at 65 with $2 million, an $850,000 home and $3,500 a month in Social Security. ![]()
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