{"id":14986,"date":"2024-09-12T04:50:17","date_gmt":"2024-09-12T04:50:17","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=14986"},"modified":"2024-09-12T04:50:17","modified_gmt":"2024-09-12T04:50:17","slug":"oil-prices-remain-steady-amid-mixed-demand-signals-and-u-s-hurricane-effects","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/oil-prices-remain-steady-amid-mixed-demand-signals-and-u-s-hurricane-effects\/","title":{"rendered":"Oil prices remain steady amid mixed demand signals and U.S. hurricane effects"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Key points:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Oil prices show little movement as demand concerns offset potential supply disruptions from U.S. hurricanes.<\/li>\n\n\n\n<li>Australian and New Zealand dollars find support as global stock markets rebound, with traders eyeing central bank rate decisions.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices remained relatively flat on Thursday, as signs of weakening demand across key economies outweighed the potential supply disruptions caused by U.S. hurricanes. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While such storms usually prompt concerns over reduced oil output, the market is seeing conflicting signals, particularly as energy consumption trends lower in several regions. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This balancing act has kept prices steady, reflecting caution among investors who are weighing global growth concerns against short-term weather impacts.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/09\/20240912-122829-1024x471.jpg\" alt=\"The CL-OIL-ECN chart on vtmarkets.com shows a recovery from an intraday low of $65.25, but the price is struggling to hold above the $68 level, currently trading at $67.43. The MACD indicator points to the likelihood of continued sideways movement, while the moving averages (5, 10, 30) are offering support around the current price levels.\" class=\"wp-image-14987\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>See: Oil prices trading at 67.465 as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices initially spiked due to concerns over potential supply disruptions caused by hurricane activity near the Gulf of Mexico. However, this bullish momentum was counteracted by weaker-than-expected manufacturing data from Europe, combined with signs of cooling demand in China, which have led to a more tempered outlook for crude oil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The chart for CL-OIL-ECN shows a recovery from the intraday low of $65.25 but struggles to maintain gains above the $68 level, currently trading at $67.43. The MACD indicator suggests the potential for continued sideways movement, with the moving averages (5, 10, 30) providing support around current price levels. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts have highlighted <a href=\"https:\/\/www.reuters.com\/business\/energy\/asia-refining-margins-lowest-seasonal-levels-since-2020-supplies-grow-2024-09-06\/\" target=\"_blank\" rel=\"noopener\" title=\"declining refinery runs in Asia\">declining refinery runs in Asia<\/a> and slower industrial output as key factors contributing to reduced demand for crude oil, particularly in a market where supply disruptions have not yet materialised into shortages.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A global refining capacity shortage is looming according to Phillips 66&#8230;<a href=\"https:\/\/t.co\/KTblAC7BLs\">https:\/\/t.co\/KTblAC7BLs<\/a><\/p>&mdash; OilPrice.com (@OilandEnergy) <a href=\"https:\/\/twitter.com\/OilandEnergy\/status\/1831588517559828802?ref_src=twsrc%5Etfw\">September 5, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices are likely to remain range-bound as the market balances between these opposing supply and demand dynamics. Further direction may depend on developments in hurricane activity, industrial performance, and geopolitical factors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Impact of U.S. inflation data<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In the broader market, a higher-than-expected 0.28% reading on <a href=\"https:\/\/x.com\/Reuters\/status\/1833963725591609813\">core U.S. consumer prices in August<\/a> led investors to scale back expectations for an aggressive rate cut by the Federal Reserve. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">US consumer prices rose slightly in August, but underlying inflation showed some stickiness amid higher costs for housing and other services, further dashing hopes of a half-point interest rate cut from the Federal Reserve next week <a href=\"https:\/\/t.co\/3ywBAFlDaw\">https:\/\/t.co\/3ywBAFlDaw<\/a> <a href=\"https:\/\/t.co\/8PGGYI3bjT\">pic.twitter.com\/8PGGYI3bjT<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1833963725591609813?ref_src=twsrc%5Etfw\">September 11, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">With markets now pricing in a more moderate response from the Fed, this has had a ripple effect on other central bank decisions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices remained relatively flat on Thursday, as signs of weakening demand across key economies outweighed the potential supply disruptions caused by U.S. hurricanes. <\/p>\n<p>While such storms usually prompt concerns over reduced oil output, the market is seeing conflicting signals, particularly as energy consumption trends lower in several regions.-vtmarkets.com<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[34],"class_list":["post-14986","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-oil"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/14986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=14986"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/14986\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=14986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=14986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=14986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}