MARKET WATCH: Oil prices rise on bullish US economic data

Oil prices rose again Aug. 1 in New York and London markets, which analysts said was due to solid economic data coming out of China and the US, giving investors the added confidence that the global economy is headed in the right direction.

“The S&P 500 gained 1.3%, after China posted strong factory activity for July and the number of US workers seeking unemployment benefits fell to the lowest level since 2008,” analysts with Raymond James & Associates Inc. said Aug. 2. “This strong economic data, coupled with turmoil in Libya, helped to push WTI crude up 2.7%. Meanwhile, natural gas futures declined 1.7%, after the [US Energy Information Administration] report implied that cooler summer temperatures curbed the demand for gas-powered electricity,” they said.

Energy prices

The September contract for benchmark US light, sweet crudes gained $2.86 to $107.89/bbl on Aug. 1 on the New York Mercantile Exchange. The October contract climbed $2.71 to $106.93/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was up $2.86 to $107.89/bbl.

Heating oil for September delivery gained 4¢ to $3.10/gal on NYMEX. Reformulated stock for oxygenate blending for the same month climbed 3¢ to $3.03/gal.

The front-month September natural gas contract lost 6¢ to $3.39/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., declined 3¢ to $3.42/MMbtu.

In London, the September IPE contract for North Sea Brent was up $1.84 to $107.52/bbl. Gas oil for August increased $16.50 to $927/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes rose $1.13 to $106.10/bbl.

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