MARKET WATCH: Crude oil prices climb slightly on New York, London markets

Crude oil futures rose slightly on both New York and London markets July 23, and one analyst called Brent oil prices “subdued” while market participants await emerging geopolitical developments in the Russia-Ukraine conflict and also anticipate increasing oil supply from Libya.

The European Union on July 24 was expected to vote on proposed tougher sanctions against Russia, which some have suggested would involve sanctions aimed at Russian banks.

Ole Hansen, head of Saxo Bank commodity strategy, said in a research note that energy markets are closely watching the Russia-Ukraine developments, but he foresees no drastic change in oil prices if the EU imposes more sanctions aimed at Russia (OGJ Online, July 22, 2014).

“There’s ample supply in Europe of gas and oil,” Hansen said. “So, a threat of Russia cutting off supplies wouldn’t have drastic implications in the short term.” He also believes a “cut-off scenario is unlikely,” saying that “there would be no winners in an energy trade war between Russia and Europe.”

Brent demand is “subdued,” having dropped by almost $10/bbl over the last month, Hansen said.

“Increased supplies from Libya and uninterrupted flows from Iraq have combined with weak demand,” he said. “Not least in Europe where refinery margins remain depressed as imports of products from other regions such as US Gulf Coast, Russia, and the Middle East have proven to be more competitive.”

Regarding US natural gas in underground storage in the Lower 48, the Energy Information Administration issued its weekly storage report July 24 estimating a rounded 2.22 tcf as of July 18, which was a net increase of 90 bcf from the previous week.

Gas storage levels were 561 bcf less than last year at this time and 683 bcf below the 5-year average of 2.902 tcf, EIA said.

Energy prices

The New York Mercantile Exchange September crude oil contract gained 73¢ on July 23, closing at $103.12/bbl. The October contract increased 42¢ to $101.42/bbl.

The natural gas contract for August decreased a penny on both the futures and Henry Hub cash markets. The NYMEX gas price settled July 23 at a rounded $3.76/MMbtu, and the Henry Hub, La., price settled at $3.79/MMbtu.

Heating oil for August delivery climbed 2¢ to a rounded $2.88/gal. Reformulated gasoline stock for oxygenate blending for August delivery was down 2¢ to a rounded $2.86/gal.

The September ICE contract for Brent crude delivery gained 70¢ to $108.03/bbl. The October contract also gained 64¢ to $108.26/bbl. The ICE gas oil contract for August gained $4.75 to $887.25/tonne.

The Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes for July 23 was $105.30/bbl, down 44¢.

Contact Paula Dittrick at paulad@ogjonline.com.

Related Articles

Transco seeks FERC approval for New York Bay Expansion project

07/09/2015 Transcontinental Gas Pipe Line Co. LLC (Transco), a wholly owned subsidiary of Williams Partners LP, has filed an application with the US Federal E...

House Oversight panel subpoenas Kerry for Keystone XL documents

07/09/2015 The US House Oversight and Government Reform Committee issued a subpoena to US Sec. of State John F. Kerry for reports, recommendations, letters, a...

MARKET WATCH: NYMEX crude oil prices drop for fifth consecutive trading session

07/09/2015 US light, sweet crude oil prices settled slightly lower on the New York market July 8 for the fifth consecutive trading session, and analysts attri...

Ending crude export ban would help rural US areas, House panel told

07/09/2015 Rural US communities generally have benefited from the nation’s crude oil production renaissance, and potentially could be helped more if restricti...

MOL completes Ithaca Norge acquisition

07/09/2015 MOL Group, Budapest, has completed its acquisition of Ithaca Petroleum Norge from Ithaca Energy Inc. for $60 million plus possible bonuses of up to...

Courts less deferential to regulatory agencies, GMU forum told

07/08/2015 US Supreme Court decisions in the recently completed term suggest that judicial deference to federal regulatory agencies is starting to recede, spe...

AER orders Apache Canada to address integrity of pipeline system

07/08/2015 Alberta Energy Regulator has directed Apache Canada Ltd. to address the integrity of its pipeline management system because of “failure to follow p...

API releases pipeline safety recommended practice

07/08/2015 The American Petroleum Institute released a pipeline safety recommended practice that it developed with engagement from the US Pipeline and Hazardo...

MARKET WATCH: Brent oil prices climb; NYMEX oil price holds below $53/bbl

07/08/2015 US light, sweet crude oil prices settled slightly lower on the New York market July 7 to remain under $53/bbl as Brent crude oil prices gained mode...
White Papers

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by
Available Webcasts


Driving Growth and Efficiency with Deep Insights into Operational Data

When Wed, Aug 19, 2015

Capitalizing on today’s momentum in Oil & Gas requires operational excellence based on a clear view of what your business data is telling you. Which is why nearly half* of oil and gas companies have deployed SAP HANA or have it on their roadmap.

Join SAP and Red Hat to learn more about using data to drive process improvements and identify new opportunities with the SAP HANA platform running on Red Hat Enterprise Linux. This webinar will also show how your choice of infrastructure impacts the performance of core business applications and your ability to achieve data-driven insights quickly and reliably.

*48% use SAP, http://go.sap.com/solution/industry/oil-gas.html

register:WEBCAST



On Demand

OGJ's Midyear Forecast 2015

Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Predictive Analytics in your digital oilfield - Optimize Production Yield and Reduce Operational Costs

Tue, Jul 7, 2015

Putting predictive analytics to work in your oilfield can help you anticipate failures, plan and schedule work in advance, eliminate emergency work and catastrophic failures, and at the same time you can optimize working capital and improve resource utilization.  When you apply analytic capabilities to critical production assets it is possible to reduce non-productive time and increase your yield.

Learn how IBM's analytics capabilities can be applied to critical production assets with the goal of reducing non-productive time, increasing yield and reducing operations costs.

register:WEBCAST


Cognitive Solutions for Upstream Oil and Gas

Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


Emerson Micro Motion Videos

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