MARKET WATCH: Crude, gas prices continue upward swing

The September contract for benchmark US light, sweet crudes on the New York Mercantile Exchange climbed 48¢ to $107.33/bbl Aug. 15 on the New York Mercantile Exchange. NYMEX crude prices for September swung $1.27/bbl throughout the session. The October contract rose 63¢ to $107.19/bbl.

Heating oil for September delivery edged up 2.5¢ to settle at $3.07/gal on NYMEX. Reformulated stock for oxygenate blending for the same month was up less than a penny to settle at a virtually unchanged $2.98/gal.

The September natural gas contract increased 7.7¢ to close at a rounded $3.42/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., fell 3¢ to $3.33/MMbtu.

In London, the September IPE contract for North Sea Brent rose 91¢ to $111.11/bbl. The September contract for gas oil settled at $937.25/tonne, up $11.25.

The average price for Aug. 15 for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes increased $1.27 to $107.96/bbl.

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