Commoney Wise
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
  • Login
  • Register

  Breaking
Family members co-signed bond for George Santos, court filing says June 9, 2023
JPMorgan bond chief Bob Michele sees worrying echoes of 2008 in market calm June 9, 2023
Sonoma Pharmaceuticals, Braze, Adobe and more June 9, 2023
US Justice Department Charges Two Russian Nationals With Stealing Thousands of Bitcoin Linked to Mt. Gox June 9, 2023
Walgreens unveils Chicago store with only two aisles and most products kept out of sight June 9, 2023
Next
Prev

en English
en Englishes Españolde Deutschfr Françaisit Italianopt Portuguêsru Русскийzh-CN 简体中文hi हिन्दीja 日本語
Casino
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
No Result
View All Result
Commoney Wise
Casino
  • News
  • Politics
  • Business
  • Economy
  • Finance
  • Investing
  • Markets
  • Crypto
  • Tech
  • Videos
Home Markets Futures

Oil extends bounce as supply worries rise

Staff by Staff
December 13, 2022
in Futures
0 0
A A
0

Oil futures rose Tuesday, finding support as the Keystone pipeline remained closed and investors gauged a potential boost to demand from China’s loosening of COVID-19 curbs.

Price action
  • West Texas Intermediate crude for January delivery
    CL.1,
    +0.21%
     
    CL00,
    +0.21%
     
    CLF23,
    +0.21%
    rose 58 cents, or 0.8%, to $73.75 a barrel on the New York Mercantile Exchange.

  • February Brent crude
    BRN00,
    +0.55%
     
    BRNG23,
    +0.55%,
    the global benchmark, was up 83 cents, or 1.1%, to $78.82 a barrel on ICE Futures Europe.

  • Back on Nymex, January gasoline
    RBF23,
    +0.61%
    rose 1.4% to $2.11 a gallon, while January heating oil
    HOF23,
    +0.95%
    was up 1.8% at $3.022 a gallon.

  • January natural-gas futures
    NGF23,
    +2.44%
    were up 3.7% at $6.83 per million British thermal units.

Market drivers

Oil was extending a bounce seen after both Brent and WTI sank more than 11% last week to trade at levels last seen nearly a year ago.

The Keystone pipeline remains closed following a leak last week that spilled 14,000 barrels of crude in Kansas. The pipeline’s operator, Canada-based TC Energy Corp.
TRP,
+0.19%,
hasn’t provided a timetable for a resumption of flows. The pipeline carries around 600,000 barrels a day of crude from Canada to Cushing, Oklahoma, where it can connect to another pipeline to the Gulf Coast.

Meanwhile, China’s relaxation of its strict COVID-zero policy was seen as a positive, while Russia has warned that the $60 a barrel price cap on Russian crude, which trades at a significant discount to Brent, could prompt it to cut off exports.

Some analysts were skeptical of the bounce, noting that China’s rebound from the COVID curbs could be undercut in the short term by a jump in infections, while questioning Russia’s willingness to cut off flows

“I think that the oil rebound due to these three factors could be short-lived and may offer interesting top selling opportunities for medium-term bears looking for a further dip in oil prices to below $70 [a barrel],” said Ipek Ozkardeskaya, analyst at Swissquote.

Russia “is not harmed by $60 per barrel currently, U.S. supplies will be restored and the Chinese reopening may not be smooth due to potential disruptions in economic activity, because people are sick,” the analyst wrote.

Traders were also awaiting a monthly report from the Organization of the Petroleum Exporting Countries.

Read the full article here

ShareTweetSharePinShareSendShare
https://www.madmoneycasino.com/?faff=667&sub=DemCasino

Related Articles

Futures

Oil heads for weekly loss as futures inch higher on Friday

February 24, 2023
Futures

Gold set for weekly loss after falling to 2023 low

February 24, 2023
Futures

The real impact of Russia’s invasion of Ukraine on commodities

February 23, 2023
Futures

Oil attempts to snap 6-day losing streak as inventory data looms

February 23, 2023
Futures

Gold drifts lower as Fed minutes affirm higher-for-longer rates expectations

February 23, 2023
Futures

Why the wait for lower heating bills may last for ‘months to come’

February 22, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Commoney Wise

Commoney Wise is your one stop news website for the latest finance, business and crypto news, follow us to get the news that matters to your minute by minute.

Our Other Brands Kronosslott, Commoneywise, Demcasino.de, SportsExtremes.tv, Slotgamesusawwr, Coin Desk Times, Kingsofgolf.be

Topics

Business Commodities Crypto Economy Finance Forex Futures Investing Markets News Politics Stocks Tech Videos

Get Informed

The most important world news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • Privacy
  • Terms
  • Press
  • Advertise
  • Contact

© 2022 Commoney Wise. All Rights Reserved.

No Result
View All Result
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos

© 2022 Commoney Wise. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.