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Oil futures fell the most in two weeks on Monday after reports that a ceasefire in Gaza and an agreement to release hostages could be near and fears that economic weakness in China, a major oil importer, could curb demand.
U.S. Secretary of State Antony Blinken met with Israeli officials in Jerusalem today and said “the markets sensed that Blinken is there and that Egypt and other countries are finally trying to get something done.” Allow this sale“It’s a big step forward,” Again Capital’s John Kilduff said, according to a report by Dow Jones.
Kilduff added that persistently weak economic data from China was also dampening any price gains.
Outlook Sluggish demand in China Research analysts at Australia and New Zealand Banking Group (ANZ) said government data showed domestic apparent demand fell 8% year-on-year in July after disappointing economic data released last week, offsetting any gains from supply risks and leaving industrial activity remaining subdued.
Meanwhile, production from the Waha oil field in Libya is returned to normal levels According to Bloomberg, production increased by about 300,000 barrels per day as pipeline maintenance was completed sooner than expected, while production at the Sharara field was down 1.2%. Improved to about 85,000 barrels per dayThis comes nearly two weeks after Libya’s national oil company declared force majeure on crude exports from the 300,000 barrels per day field after protesters blockaded the area, Reuters reported.
The September NYMEX Crude Oil contract (CL1:COM) has ended. -2.9% October Brent crude oil (CO1:COM) rose to $74.37 a barrel. -2.5% Both benchmarks traded at $77.66 a barrel, their lowest since August 6th.
U.S. natural gas prices bucked the energy price trend and surged, with the September NYMEX futures contract (NG1:COM) dropping +5.3% It was $2.235/MMBtu, the highest since July 22nd.
ETF: (USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG)
The rise in natural gas prices is Several factors “Rather than one new bullish headline, analysts at Ritterbusch point to warmer temperatures expected across much of the U.S. later this week, the possibility of further production curtailments and the possibility of more storms as the peak of hurricane season approaches,” they said, according to Dow Jones.
