{"id":210399,"date":"2024-03-05T18:53:40","date_gmt":"2024-03-05T18:53:40","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/05\/oil-prices-heading-for-back-to-back-losses-as-traders-weigh-demand-prospects\/"},"modified":"2025-06-25T17:21:12","modified_gmt":"2025-06-25T17:21:12","slug":"oil-prices-heading-for-back-to-back-losses-as-traders-weigh-demand-prospects","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/05\/oil-prices-heading-for-back-to-back-losses-as-traders-weigh-demand-prospects\/","title":{"rendered":"Oil prices heading for back-to-back losses as traders weigh demand prospects"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/images.mktw.net\/im-273497\" \/><\/p>\n<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0003064428\" role=\"document\">\n<p>Oil futures looked to post back-to-back declines on Tuesday, as investors weighed prospects for energy demand after China\u2019s leadership outlined its economic plans.<\/p>\n<h2>Price moves<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude<br \/>\n        <a data-track-hover=\"QuotePeek\" data-charting-symbol=\"FUTURE\/US\/XNYM\/CL00\" class=\"qt-chip negative\" href=\"https:\/\/www.marketwatch.com\/investing\/future\/CL00?mod=MW_story_quote\" target=\"_blank\" rel=\"noopener\">CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-1.00%<\/bg-quote><\/a><br \/>\n       for April delivery fell 68 cents, or 0.9%, at $78.06 a barrel on the New York Mercantile Exchange after losing 1.5% on Monday.<\/p>\n<\/li>\n<li>\n      May Brent crude<br \/>\n        <a data-track-hover=\"QuotePeek\" data-charting-symbol=\"FUTURE\/UK\/IFEU\/BRN00\" class=\"qt-chip negative\" href=\"https:\/\/www.marketwatch.com\/investing\/future\/BRN00?countryCode=UK&amp;mod=MW_story_quote\" target=\"_blank\" rel=\"noopener\">BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-1.05%<\/bg-quote><\/a><\/p>\n<p>        <a data-track-hover=\"QuotePeek\" data-charting-symbol=\"FUTURE\/UK\/IFEU\/BRNK24\" class=\"qt-chip negative\" href=\"https:\/\/www.marketwatch.com\/investing\/future\/BRNK24?countryCode=UK&amp;mod=MW_story_quote\" target=\"_blank\" rel=\"noopener\">BRNK24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705341\/delayed\" class=\"negative\">-1.05%<\/bg-quote><\/a><span>,<\/span><br \/>\n       the global benchmark, was down 67 cents, or 0.8%, at $82.13 a barrel on ICE Futures Europe following a 0.9% loss a day earlier.<\/p>\n<\/li>\n<li>\n      April gasoline<br \/>\n        <a data-track-hover=\"QuotePeek\" data-charting-symbol=\"FUTURE\/US\/XNYM\/RBJ24\" class=\"qt-chip negative\" href=\"https:\/\/www.marketwatch.com\/investing\/future\/RBJ24?mod=MW_story_quote\" target=\"_blank\" rel=\"noopener\">RBJ24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/222932173\/delayed\" class=\"negative\">-2.42%<\/bg-quote><\/a><br \/>\n       shed 2.1% to $2.5309 a gallon, while April heating oil<br \/>\n        <a data-track-hover=\"QuotePeek\" data-charting-symbol=\"FUTURE\/US\/XNYM\/HOJ24\" class=\"qt-chip negative\" href=\"https:\/\/www.marketwatch.com\/investing\/future\/HOJ24?mod=MW_story_quote\" target=\"_blank\" rel=\"noopener\">HOJ24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/222932068\/delayed\" class=\"negative\">-1.53%<\/bg-quote><\/a><br \/>\n       declined by 1.4% to $2.6091 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for April delivery<br \/>\n        <a data-track-hover=\"QuotePeek\" data-charting-symbol=\"FUTURE\/US\/XNYM\/NGJ24\" class=\"qt-chip positive\" href=\"https:\/\/www.marketwatch.com\/investing\/future\/NGJ24?mod=MW_story_quote\" target=\"_blank\" rel=\"noopener\">NGJ24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190386\/delayed\" class=\"positive\">+1.10%<\/bg-quote><\/a><br \/>\n       traded at $1.938 per million British thermal units, up 1.2%, extending a gain of 4.4% from Monday.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>China\u2019s growth target is seen as \u201cambitious,\u201d Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note, observing that U.S. crude \u201cfailed to extend gains above $80 per barrel even after the Chinese stimulus bets.\u201d<\/p>\n<div class=\"paywall\">\n<p>China\u2019s official growth target for 2024 <a href=\"https:\/\/www.marketwatch.com\/story\/china-puts-economic-growth-target-at-about-5-on-par-with-last-years-rate-39811f6c?mod=home-page\" target=\"_blank\" class=\"icon none\" rel=\"noopener\">is around 5%<\/a>, Premier Li Qiang said Tuesday in an annual report, as the country struggles to deal with a real estate crisis. <\/p>\n<p>Li said the government plans to issue 1 trillion yuan (about $139 billion) in \u201cultralong special treasury bonds\u201d in 2024 and over each of the coming several years \u2014 a long hoped-for extra promise of government spending to help support flagging growth.<\/p>\n<p>The government also plans to provide support for debt-strapped local governments facing \u201ceconomic difficulty,\u201d he said.<\/p>\n<p>\u201cWhile oil seems to be disappointed with the Chinese news as far as their growth targets, the reality is it\u2019s very, very bullish,\u201d said Phil Flynn, senior market analyst at The Price Futures Group, in a daily report. \u201cWe expect that the demand in the United States and the rest of the world will exceed expectations.\u201d <\/p>\n<p>Not only will we see record demand for oil, \u201cwe\u2019re going to see a market that\u2019s going to be undersupplied in the second half of the year,\u201d he said.  \u201cMore and more the futures spread seems to be suggesting the same thing,\u201d said Flynn, referring to backwardation in the futures contracts. That refers to a situation where prices for oil for delivery in the near future are higher than those for later deliveries, suggesting tightness in oil supplies.<\/p>\n<p>Crude prices had also stumbled Monday, failing to find support after OPEC+ extended voluntary production cuts of 2.2 million barrels a day into the second quarter.<\/p>\n<p>\u201cAn oversupply in the second quarter should now be avoided. However, an extension for a further three months was already expected,\u201d Carsten Fritsch, commodity analyst at Commerzbank, said in a note.<\/p>\n<p><em>\u2014Associated Press contributed.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-consolidate-as-investors-weigh-china-demand-fdec46d7?mod=mw_rss_topstories\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Oil futures looked to post back-to-back declines on Tuesday, as investors weighed prospects for energy demand after China\u2019s leadership outlined its economic plans. Price<\/p>\n","protected":false},"author":1,"featured_media":210400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[164],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/210399"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=210399"}],"version-history":[{"count":2,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/210399\/revisions"}],"predecessor-version":[{"id":340090,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/210399\/revisions\/340090"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/210400"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=210399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=210399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=210399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}