MARKET WATCH: Oil futures rise Aug. 23 on Lebanon violence

Oil futures prices rose on the New York market Aug. 23, and traders attributed the increase to escalating violence in the Middle East that added to already mounting concerns about the security of global oil supplies.

The market reacted to reports of explosions in Lebanon’s port city of Tripoli that killed at least 29 people. Lebanon is a minor player in the oil market, but recent events in the Middle East have traders worried about possible supply disruptions given conflicts and Egypt and civil war in Syria.

The October contract for benchmark US light, sweet crudes on the New York Mercantile Exchange climbed $1.39 to settle at $106.42/bbl on Aug. 23. The November contract also increased, rising $1.39 to $105.72/bbl.

Heating oil for September delivery rose 2.5¢ to settle at $3.095/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for the same month rose 4.24¢ to a rounded $3.01/gal.

The September natural gas contract was down by 6¢ to close at $3.485/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., declined by less than a penny to close at $3.51/MMbtu.

In London, the October IPE contract for North Sea Brent crude rose $1.14 to $111.04/bbl. The September contract for gas oil settled at $941.75/tonne, up $5.50 from the previous session.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes closed at $108.25/bbl on Aug. 23, up 67¢.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected