Updated Nov. 13, 2023 5:30 pm ET
The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1510 ET – WTI for December delivery rises 1.4% to $78.26, continuing a recovery begun late last week. OPEC raises its 2023 global oil-demand growth forecast to 2.46 million barrels a day from 2.44 million. The cartel attributes the losses of recent weeks to “financial market speculators” sharply cutting net long positions in October. Mizuho’s Robert Yawger says in a note he thinks “the story is more about weak fundamentals, with refiners struggling, an economic hard landing threatening, and the Saudis left with no more room to cut production.” Today’s rally is “largely a short covering phenomenon,” he adds. (firstname.lastname@example.org)
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