Natural gas futures prices dipped on news in a May 22 report from the US Energy Information Administration that working gas in underground storage in the Lower 48 reached an estimated 1.266 tcf as of May 16. The total reflected a net increase of 106 bcf from the previous week (OGJ Online, May 22, 2014).
The crude oil futures contract for July delivery declined 33¢, closing at $103.74/bbl on May 22. The August contract lost 29¢ to $102.87/bbl.
Heating oil for June delivery was virtually unchanged at a rounded $2.95/gal. Reformulated gasoline blendstock gained 1.16¢ to a rounded $3.01/gal.
In London, the July ICE contract for Brent crude delivery was down 19¢, closing at $110.36/bbl. The August contract fell 18¢ to settle at $109.56/bbl. The ICE gas oil contract for June relinquished 75¢ to $913.50/tonne.
The Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes on May 22 was $107/bbl, rising 18¢.