MARKET WATCH: Crude futures prices continue drawback from recent highs

Crude oil futures prices in New York and London markets continued to draw back July 24 from recent high levels. Analysts with Raymond James & Associates Inc. noted that investors shrugged off fears that sanctions imposed by the European Union could impact Russian oil supplies.

Meanwhile, analysts with Barclays Research said, “Though ample infrastructure from Cushing to the Gulf Coast exists, a lack of infrastructure has kept oil in North America’s most prolific producing regions at a discount.”

They added, “In contrast we see US natural gas prices as skewed to the upside assuming a normal weather scenario for the rest of the summer.”

The New York Mercantile Exchange September crude oil contract dropped $1.05 on July 24, closing at $102.07/bbl. The October contract fell 93¢ to $100.72/bbl.

The natural gas contract for August increased 8.5¢ to a rounded $3.85/MMbtu. On the US cash market, gas at Henry Hub, La., edged up a penny to $3.80/MMbtu.

Heating oil for August delivery edged down about half a cent to a rounded $2.87/gal. Reformulated gasoline stock for oxygenate blending for August delivery lost 2.33¢ to a rounded $2.84/gal.

The September ICE contract for Brent crude delivery lost 96¢ to $107.07/bbl. The October contract fell 80¢ to $107.46/bbl. The ICE gas oil contract for August declined $1.50 to $885.75/tonne.

The Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes for July 24 was $105.2/bbl, dropping 8¢.

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