{"id":45028,"date":"2024-08-23T12:49:53","date_gmt":"2024-08-23T12:49:53","guid":{"rendered":"https:\/\/www.spragueenergy.com\/?p=45028"},"modified":"2024-08-23T12:49:54","modified_gmt":"2024-08-23T12:49:54","slug":"the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook","status":"publish","type":"post","link":"https:\/\/www.spragueenergy.com\/fr\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/","title":{"rendered":"The Market Steadied Following Four Days of Declines Over the Global Demand Outlook"},"content":{"rendered":"<p><strong>Recap<\/strong>: &nbsp;The oil market on Thursday posted an inside trading day as the market steadied following four days of declines on concerns over the global demand outlook. The market rebounded from its lowest levels seen since January following Thursday\u2019s selloff that was sparked by a downward revision in U.S. payrolls. The crude market posted a low of $71.58 in overnight trading and bounced higher as it failed to test its previous low. It retraced most of Wednesday\u2019s losses as it rallied to a high of $73.52 early in the afternoon. The market was well supported by expectation that the Federal Reserve will cut interest rates in September, according to minutes of the Federal Reserve\u2019s July meeting. Also, the U.S. Labor Department said the number of unemployment claims increased last week, but appeared to be steadying near a level consistent with gradual cooling of the labor market, setting the stage for interest rate cuts. The market later gave up some of its gains and traded in a sideways trading range ahead of the close. The October WTI contract settled up $1.08 at $73.01 and the October Brent contract settled up $1.17 at $77.22. The product markets ended the session higher, with the heating oil market settling up 1.38 cents at $2.2635 and the RB market settling up 3.87 cents at $2.2437.<\/p>\n\n\n\n<p><strong>Technical Analysis<\/strong>:&nbsp; The crude market on Friday is seen trending sideways, within its trading range of about $71 and $79. The market is seen finding support at its low of $71.58, $71.46, $70.80 and $70.00. Meanwhile, resistance is seen at its high of $73.52, $74.16, $74.38, $75.00, $75.73 and $75.83. More distant resistance is seen at $76.98, $77.38 and $77.52.<\/p>\n\n\n\n<p><strong>Fundamental News<\/strong>:&nbsp; UBS expects Brent crude prices to recover into an $85-$90\/barrel range over the coming months.<\/p>\n\n\n\n<p>The U.S. EIA said a series of refinery outages in the U.S. Midwest caused regional gasoline prices to increase to more than 20% above the national average from July 22<sup>nd<\/sup> to August 5<sup>th<\/sup> during the high-demand summer driving season. Midwest refinery utilization fell 11% to 86% from the week ending July 12<sup>th<\/sup> to the week ending August 9<sup>th<\/sup>. As these refineries restarted, utilization increased back up 97% as of the week ending August 16<sup>th<\/sup>.<\/p>\n\n\n\n<p>The Texas Oil &amp; Gas Association estimates Texas oil and natural gas production reached new record highs in July. The trade group also estimates NGLs production also set a new high in July. The trade group estimates Texas crude oil production rose to 5.76 million b\/d in July, with natural gas marketed production averaging 32.8 bcf\/d and NGLs production of 3.85 million b\/d. Year to date Texas now accounts for 42.8% of all U.S. crude oil production and 28.3% of all U.S. natural gas marketed production.<\/p>\n\n\n\n<p>Canada Energy Regulator reported that total volumes of crude oil moved by rail cars by both CN and CPKC in the first five months of 2024 averaged 94,413 b\/d with the latest monthly total averaging 89,141 b\/d.<\/p>\n\n\n\n<p>The OPEC Secretariat said it had received updated compensation plans from Iraq and Kazakhstan stating they aim to make up for their overproduction in the first seven months of this year by September 2025. Iraq&#8217;s cumulative overproduction between January and July was 1.4 million bpd and Kazakhstan&#8217;s was 699,000 bpd.<\/p>\n\n\n\n<p>Federal Reserve policymakers said that with inflation well below its highs they are paying close attention to the U.S. labor market to gauge when to begin reducing interest rates, with one saying they should move &#8220;soon.&#8221;<\/p>\n\n\n\n<p><strong>Early<\/strong><strong> Market Call &#8211; as of 8:20 AM EDT<\/strong><\/p>\n\n\n\n<p><strong>WTI &#8211; Oct $74.38, up $1.37<\/strong><\/p>\n\n\n\n<p><strong>RBOB &#8211; Sep $2.2678, up 2.41 cents <\/strong><\/p>\n\n\n\n<p><strong>HO &#8211; Sep $2.3002, up 3.67 cents<\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Recap: &nbsp;The oil market on Thursday posted an inside trading day as the market steadied following four days of declines on concerns over the global demand outlook. The market rebounded [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":44513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","footnotes":""},"categories":[21,191,23,20,1,190],"tags":[],"class_list":["post-45028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crude","category-delivered-fuel","category-gasoline","category-heating-oil","category-market-insights","category-wholesale-fuel"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Oil Market Recap: Steady Recovery and Global Demand Outlook - Sprague Energy<\/title>\n<meta name=\"description\" content=\"Get the latest update on the oil market. Recap of recent trends and insights on global demand and market stability.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.spragueenergy.com\/fr\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Market Steadied Following Four Days of Declines Over the Global Demand Outlook\" \/>\n<meta property=\"og:description\" content=\"Get the latest update on the oil market. Recap of recent trends and insights on global demand and market stability.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.spragueenergy.com\/fr\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/\" \/>\n<meta property=\"og:site_name\" content=\"Sprague Energy\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-23T12:49:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-23T12:49:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.spragueenergy.com\/wp-content\/uploads\/2024\/06\/3-3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Emily Beckett\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emily Beckett\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/\"},\"author\":{\"name\":\"Emily Beckett\",\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/#\\\/schema\\\/person\\\/f16806fa4af9f2c44e5e1b0a75e5ace9\"},\"headline\":\"The Market Steadied Following Four Days of Declines Over the Global Demand Outlook\",\"datePublished\":\"2024-08-23T12:49:53+00:00\",\"dateModified\":\"2024-08-23T12:49:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/\"},\"wordCount\":596,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.spragueenergy.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/3-3.png\",\"articleSection\":[\"Crude\",\"Delivered Fuel\",\"Gasoline\",\"Heating Oil\",\"Market Insights\",\"Wholesale Fuel\"],\"inLanguage\":\"fr-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/\",\"url\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/\",\"name\":\"Oil Market Recap: Steady Recovery and Global Demand Outlook - Sprague Energy\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.spragueenergy.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/3-3.png\",\"datePublished\":\"2024-08-23T12:49:53+00:00\",\"dateModified\":\"2024-08-23T12:49:54+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/#\\\/schema\\\/person\\\/f16806fa4af9f2c44e5e1b0a75e5ace9\"},\"description\":\"Get the latest update on the oil market. Recap of recent trends and insights on global demand and market stability.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.spragueenergy.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/3-3.png\",\"contentUrl\":\"https:\\\/\\\/www.spragueenergy.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/3-3.png\",\"width\":1200,\"height\":628,\"caption\":\"Man in a cap and denim jacket uses a smartphone and tablet in front of a white fuel truck, with overlay text reading 'Refined Products MarketWatch' in bold white font framed by a red rectangle.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.spragueenergy.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Market Steadied Following Four Days of Declines Over the Global Demand Outlook\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/#website\",\"url\":\"https:\\\/\\\/www.spragueenergy.com\\\/\",\"name\":\"Sprague Energy\",\"description\":\"Our Energy Makes the Difference\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.spragueenergy.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-CA\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.spragueenergy.com\\\/#\\\/schema\\\/person\\\/f16806fa4af9f2c44e5e1b0a75e5ace9\",\"name\":\"Emily Beckett\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/924f71156c61d85a05686dee7318acf2321732eee51894f7ac82ed4453356bc3?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/924f71156c61d85a05686dee7318acf2321732eee51894f7ac82ed4453356bc3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/924f71156c61d85a05686dee7318acf2321732eee51894f7ac82ed4453356bc3?s=96&d=mm&r=g\",\"caption\":\"Emily Beckett\"},\"sameAs\":[\"https:\\\/\\\/www.spragueenergy.com\"],\"url\":\"https:\\\/\\\/www.spragueenergy.com\\\/fr\\\/author\\\/ebeckett\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Oil Market Recap: Steady Recovery and Global Demand Outlook - Sprague Energy","description":"Get the latest update on the oil market. Recap of recent trends and insights on global demand and market stability.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.spragueenergy.com\/fr\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/","og_locale":"fr_CA","og_type":"article","og_title":"The Market Steadied Following Four Days of Declines Over the Global Demand Outlook","og_description":"Get the latest update on the oil market. Recap of recent trends and insights on global demand and market stability.","og_url":"https:\/\/www.spragueenergy.com\/fr\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/","og_site_name":"Sprague Energy","article_published_time":"2024-08-23T12:49:53+00:00","article_modified_time":"2024-08-23T12:49:54+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.spragueenergy.com\/wp-content\/uploads\/2024\/06\/3-3.png","type":"image\/png"}],"author":"Emily Beckett","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"Emily Beckett","Estimation du temps de lecture":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/#article","isPartOf":{"@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/"},"author":{"name":"Emily Beckett","@id":"https:\/\/www.spragueenergy.com\/#\/schema\/person\/f16806fa4af9f2c44e5e1b0a75e5ace9"},"headline":"The Market Steadied Following Four Days of Declines Over the Global Demand Outlook","datePublished":"2024-08-23T12:49:53+00:00","dateModified":"2024-08-23T12:49:54+00:00","mainEntityOfPage":{"@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/"},"wordCount":596,"commentCount":0,"image":{"@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/#primaryimage"},"thumbnailUrl":"https:\/\/www.spragueenergy.com\/wp-content\/uploads\/2024\/06\/3-3.png","articleSection":["Crude","Delivered Fuel","Gasoline","Heating Oil","Market Insights","Wholesale Fuel"],"inLanguage":"fr-CA"},{"@type":"WebPage","@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/","url":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/","name":"Oil Market Recap: Steady Recovery and Global Demand Outlook - Sprague Energy","isPartOf":{"@id":"https:\/\/www.spragueenergy.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/#primaryimage"},"image":{"@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/#primaryimage"},"thumbnailUrl":"https:\/\/www.spragueenergy.com\/wp-content\/uploads\/2024\/06\/3-3.png","datePublished":"2024-08-23T12:49:53+00:00","dateModified":"2024-08-23T12:49:54+00:00","author":{"@id":"https:\/\/www.spragueenergy.com\/#\/schema\/person\/f16806fa4af9f2c44e5e1b0a75e5ace9"},"description":"Get the latest update on the oil market. Recap of recent trends and insights on global demand and market stability.","breadcrumb":{"@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/"]}]},{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/#primaryimage","url":"https:\/\/www.spragueenergy.com\/wp-content\/uploads\/2024\/06\/3-3.png","contentUrl":"https:\/\/www.spragueenergy.com\/wp-content\/uploads\/2024\/06\/3-3.png","width":1200,"height":628,"caption":"Man in a cap and denim jacket uses a smartphone and tablet in front of a white fuel truck, with overlay text reading 'Refined Products MarketWatch' in bold white font framed by a red rectangle."},{"@type":"BreadcrumbList","@id":"https:\/\/www.spragueenergy.com\/the-market-steadied-following-four-days-of-declines-over-the-global-demand-outlook\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.spragueenergy.com\/"},{"@type":"ListItem","position":2,"name":"The Market Steadied Following Four Days of Declines Over the Global Demand Outlook"}]},{"@type":"WebSite","@id":"https:\/\/www.spragueenergy.com\/#website","url":"https:\/\/www.spragueenergy.com\/","name":"Sprague Energy","description":"Our Energy Makes the Difference","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.spragueenergy.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-CA"},{"@type":"Person","@id":"https:\/\/www.spragueenergy.com\/#\/schema\/person\/f16806fa4af9f2c44e5e1b0a75e5ace9","name":"Emily Beckett","image":{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/secure.gravatar.com\/avatar\/924f71156c61d85a05686dee7318acf2321732eee51894f7ac82ed4453356bc3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/924f71156c61d85a05686dee7318acf2321732eee51894f7ac82ed4453356bc3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/924f71156c61d85a05686dee7318acf2321732eee51894f7ac82ed4453356bc3?s=96&d=mm&r=g","caption":"Emily Beckett"},"sameAs":["https:\/\/www.spragueenergy.com"],"url":"https:\/\/www.spragueenergy.com\/fr\/author\/ebeckett\/"}]}},"terminal":null,"_links":{"self":[{"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/posts\/45028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/comments?post=45028"}],"version-history":[{"count":0,"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/posts\/45028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/media\/44513"}],"wp:attachment":[{"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/media?parent=45028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/categories?post=45028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.spragueenergy.com\/fr\/wp-json\/wp\/v2\/tags?post=45028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}