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

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

03/24/2014

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