West Texas Intermediate crude posted its first weekly loss in 3 weeks “as the immediate threat of losing Iraqi oil supply seemed to lessen,” said analysts at Raymond James & Associates Inc. WTI ended down 0.4% intraday and 1% on the week, they said, with natural gas ending relatively flat.
The natural gas contract for August declined 3.2¢ to a rounded $4.41/MMbtu. On the US cash market, gas at Henry Hub, La., was $4.38/MMbtu, losing 17¢.
Heating oil for July delivery decreased 1.62¢ to a rounded $3/gal. Reformulated gasoline stock for oxygenate blending for July delivery, meanwhile, gained 1.32¢ to a rounded $3.10/gal.
The August ICE contract for Brent crude delivery rose 9¢, closing at $113.30/bbl. The September contract increased 12¢ to $112.85/bbl. The ICE gas oil contract for July relinquished another $4 to $920.75/tonne.
The Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes for June 27 was $109.17/bbl, down 21¢ from the previous day.