{"id":6229,"date":"2023-11-02T20:57:53","date_gmt":"2023-11-02T20:57:53","guid":{"rendered":"https:\/\/connectwithfund.com\/investment\/oil-prices-post-a-loss-for-the-month-as-fears-of-wider-israel-hamas-war-fade\/"},"modified":"2023-11-02T20:57:53","modified_gmt":"2023-11-02T20:57:53","slug":"oil-prices-post-a-loss-for-the-month-as-fears-of-wider-israel-hamas-war-fade","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=6229","title":{"rendered":"Oil prices post a loss for the month as fears of wider Israel-Hamas war fade"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002672868\" role=\"document\">\n<p>Oil futures ended lower on Tuesday, leading to the first loss in five months as the risk premium tied to fears the Israel-Hamas war could threaten crude supplies eroded.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for December delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+2.57%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+2.57%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"positive\">+2.57%<\/bg-quote><br \/>\n       dropped $1.29, or 1.6%, to settle at $81.02  barrel on the New York Mercantile Exchange. Prices based on the front-month contract finished at their lowest since Aug. 28, down 10.8% for the month, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRNZ23<span>,<\/span><br \/>\n       the global benchmark, lost 4 cents, or nearly 0.1%, to end at $87.41 a barrel on ICE Futures Europe on the contract\u2019s expiration day, settling 8.3% lower for the month after four consecutive monthly gains. January Brent<br \/>\n        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"positive\">+0.01%<\/bg-quote><\/p>\n<p>        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.01%<\/bg-quote><span>,<\/span><br \/>\n       which became the front month at the session\u2019s end, dropped $1.33, or 1.5%, to $85.02 a barrel.<\/p>\n<\/li>\n<li>\n      November gasoline<br \/>\n        RBX23<span><\/span><br \/>\n       rose 0.1% to $2.22 a gallon, but lost 8.9% for the month, while November heating oil rose 0.8% to $2.99 a gallon, posting a monthly decline of 11%. The November contracts expired at the settlement. <\/p>\n<\/li>\n<li>\n      December natural gas<br \/>\n        NGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210195288\/delayed\" class=\"positive\">+0.46%<\/bg-quote><br \/>\n       gained nearly 6.7% to $3.58 per million British thermal units. Front-month prices gained 22.1% for the month.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>On the Middle East front, oil traders have \u201clikely shifted into efficient market mode, waiting for signs of a definitive escalation that imperils supply before\u00a0taking prices higher,\u201d Stephen Innes, managing partner at SPI Asset Management, said in market commentary. <\/p>\n<div class=\"paywall\">\n<p><strong>Read<\/strong> Israel-Hamas war has potential to fuel oil-price shock that can disrupt food security: World Bank<\/p>\n<p>WTI has erased gains seen since the Oct. 7 attack on southern Israel by Hamas from Gaza, while Brent has significantly trimmed its gains since the start of the war despite continued risks of a wider conflict.<\/p>\n<p>The biggest worry surrounds Iranian oil flows, which could see up to 1 million barrels a day of crude knocked off the market if the U.S. were to more strictly enforce sanctions on the country\u2019s exports, said Warren Patterson and Ewa Manthey, commodity analysts at ING, in a note.<\/p>\n<p>So far, however, the conflict hasn\u2019t yet affected oil supply.<\/p>\n<p>\u201cIn the absence of supply disruptions from the region, it is difficult to see a significant and sustained upside in prices,\u201d the ING analysts said.<\/p>\n<p>Still, the situation in the Middle East is fluid. Saudi Arabia\u2019s military is on high alert after deadly clashes with Yemen\u2019s Iran-backed Houthi rebels, who attempted to fire a missile over Saudi Arabia toward Israel, Bloomberg reported late Monday citing people familiar with the matter. <\/p>\n<p>Strategists at Macquarie wrote in a recent note that they remain bearish on oil, but \u201crecognize upside risks associated with the Middle East conflict.\u201d<\/p>\n<p>They do \u201cnot expect a supply disruption without material escalation,\u201d and while they did not believe that a full conflict resolution was needed for the \u201crisk premium to bleed out,\u201d the Macquarie strategists said they were still \u201csurprised at the rate of the pull back\u201d in prices.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-rises-but-heads-for-october-fall-as-fears-of-wider-israel-hamas-war-fade-f8bfe472?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended lower on Tuesday, leading to the first loss in five months as the risk premium tied to fears the Israel-Hamas war could threaten crude supplies eroded. Price action West Texas Intermediate crude for December delivery CL00, +2.57% CL.1, +2.57% CLZ23, +2.57% dropped $1.29, or 1.6%, to settle at $81.02 barrel on the New York Mercantile Exchange. Prices based on the front-month contract finished at their lowest since Aug. 28, down 10.8% for the month, according to Dow Jones Market Data. December Brent crude BRNZ23, the global benchmark, lost 4 cents, or nearly 0.1%, to end at $87.41<\/p>\n","protected":false},"author":1,"featured_media":2874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-6229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices post a loss for the month as fears of wider Israel-Hamas war fade | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Oil futures ended lower on Tuesday, leading to the first loss in five months as the risk premium tied to fears the Israel-Hamas war could threaten crude\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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