Oil clings to slim gains as tight supplies cloud demand outlook
BNN Bloomberg
Oil made minimal gains as traders continue to weigh a weaker demand outlook against tightened crude supplies and a looming diesel shortage heading into winter.
West Texas Intermediate remained near US$85, marking the fifth-straight session that futures hovered within a narrow $1.50 range as investors wait for further demand cues ahead of expected supply tightness. Since late September, crude prices have been bouncing in a range of about $17 as traders weigh interest rate hikes that menace economic growth against planned output cuts from the Organization of Petroleum Exporting Countries and its allies.
Meanwhile, energy analysts warned that the market faces a shortfall of refined products heading into the northern hemisphere’s winter. As the deadline to ban Russian products approaches for many countries, markets face a structural shortfall of diesel, which will have serious implications for inflation, Goldman Sachs said in a note to clients. Energy Aspect’s Amrita Sen warned the New York region will be especially hard-pressed to replace Russian fuel.
A weekly U.S. crude report Wednesday will give further indications of where markets stand heading into winter, providing some price guidance.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
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Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.