MARKET WATCH: Oil prices retreat; gas prices continue falling

Crude and petroleum product futures contracts on Aug. 2 gave back part of their price gains from the previous session while natural gas continued falling, down 9% through last week.

In the stock market, analysts in the Houston office of Raymond James & Associates Inc. reported, “US equities set yet another closing high [on Aug. 2], with the Dow Jones Industrial Average gaining 0.5% and the Standard & Poor’s 500 Index up 1.1% on the week. The SIG Oil Exploration & Production Index and the Oil Service Index outperformed with gains of 3% and 1.8%, respectively.” The equity market was flat and oil and gas prices were down in early trading Aug. 5.

Energy prices

The September contract for benchmark US light, sweet crudes retreated 95¢ to $106.94/bbl Aug. 2 on the New York Mercantile Exchange. The October contract declined 69¢ to $106.24/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was down 95¢ to $106.94/bbl.

Heating oil for September delivery surrendered 2.52¢ to $3.07/gal on NYMEX. Reformulated stock for oxygenate blending for the same month more than wiped out its previous gain, however, down 3.37¢ to $2.99/gal.

The September natural gas contract continued its fall, down 4¢ to $3.35/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., dropped 2.5¢ to $3.39/MMbtu.

In London, the September IPE contract for North Sea Brent decreased 59¢ to $108.95/bbl. Gas oil for August gave back $3.25 to $923.75/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes gained 55¢ to $106.65/bbl. So far this year, OPEC’s basket price has averaged $105.01/bbl.

Contact Sam Fletcher at

Related Articles

DOE approves LNG exports to non-FTA countries from Oregon project

03/24/2014 The US Department of Energy conditionally approved Jordan Cove Energy Project LP’s application to export LNG through its proposed terminal on Orego...

MARKET WATCH: Front-month crude oil contract closes up, gas down on week


The front-month crude oil contract ended the week higher Mar. 21 while natural gas futures prices edged slightly lower.

HSC remains closed, fuel cleanup continues after barge collision

03/24/2014 The Houston Ship Channel (HSC) remained closed to unauthorized vessels Mar. 24 as the result of a temporary emergency safety zone being established...

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

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