Crude Oil Close: Weighing Energy Demand Outlook Crude oil futures closed lower for the second straight day

News on November 9, traders continued to pay attention to the epidemic situation and its impact on the outlook for crude oil demand, and crude oil futures closed lower
for the second consecutive trading day.

West Texas Intermediate crude December futures fell $2.
88, or 3.
1 percent, to settle at $88.
91 a barrel on the New York Mercantile Exchange, down 0.
9 percent
on Monday.
ICE Futures for January global benchmark Brent crude futures fell $2.
56, or 2.
6 percent
, to settle at $95.
36 a barrel.

Back on the New York Mercantile Exchange, gasoline fell 0.
6 percent to $2.
6367 a gallon in December and heating oil fell 0.
3 percent to $3.
7707 a gallon in December
.
Natural gas prices fell 11.
6 percent to $6.
138 per million British thermal heat in December, after closing up 8.
5 percent
on Monday amid colder weather.

"The lack of a specific timeline or any real details about plans for restrictive measures that will have a severe impact on the economy weighed on energy markets until the end of the day
," analysts at Sevens Report Research wrote.
However, they say that for now, the short-term trend is still in favor of the bulls
.
WTI's closing high of $93.
20 since October was a key resistance level to keep crude prices in the range of around $78-93 per barrel
.

"This week's midterm election results, CPI data (if modest), or something about helping to push futures through resistance and hit new multi-month closing highs
," they wrote.

Traders are also awaiting the release of the U.
S.
Energy Information Administration's weekly oil supply report
scheduled for Wednesday morning.
According to a survey by S&P Global Commodity Insights, analysts on average expect EIA reports to show a 700,000 barrel reduction in crude oil supply, 1.
2 million barrels less gasoline supply and 900,000 barrels
less distillate supply.

Robbie Fraser, global research and analysis manager at Schneider Electric, said in a daily briefing: "This week's inventory data should be in focus as the U.
S
.
extends last week's modest increase to distillate stocks, which have been low.
"

"Strong export demand has led to a shortage of diesel supply and some additional stocks will be welcome
ahead of the heating season.
With global gas supplies still tight, the heating season could open up more space for diesel," Fraser said
.

Separately, in its monthly report released on Tuesday, EIA raised its price forecasts
for heating oil and diesel in 2022 and 2023.
U.
S.
distillate supplies at the end of October were the lowest since
1951, the report said.
Distillates are mainly used as diesel and heating oil
.