MARKET WATCH: Crude prices continue upward momentum

The October contract for benchmark US light, sweet crudes on the New York Mercantile Exchange closed at $108.37/bbl on Sept. 5, an increase of $1.14 from the previous day. The November crude contract increased $1.08 to $107.67/bbl.

Heating oil for October delivery improved 0.2¢ to settle at $3.14/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for October decreased 2.8¢ to $2.83/gal.

The October natural gas contract was down by 10.8¢ to close at a rounded $3.56/MMbtu on NYMEX. On the US spot market, the gas price at Henry Hub, La., was a rounded $3.69/MMbtu, virtually unchanged from Sept. 4.

In London, the October IPE contract for North Sea Brent crude climbed 35¢ to $115.26/bbl. The September contract for gas oil settled at $963.75/tonne, up $3 from the previous session. The October contract rose by $2.50, settling at $964/tonne.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes was down 8¢ closing at $111.47/bbl on Sept. 5.

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