MARKET WATCH: Brent crude oil futures snap losing streak

Oil prices rose modestly on the New York market Aug. 13 while oil prices ended a 3-day losing streak on the London market by rallying more than $1/bbl.

Ongoing conflicts such as US airstrikes in Iraq and pro-Russian separatists in Ukraine have the potential to disrupt world oil supply, but analysts said market participants currently appear to be more worried about weakening demand.

In its monthly oil market report, IEA lowered its 2014 global oil demand growth forecast to 1 million b/d but its 2015 forecast calls for global oil demand to accelerate to 1.3 million b/d (OGJ Online, Aug. 12, 2014).

Regarding US natural gas in underground storage, the Energy Information Administration estimated 2.467 tcf across the Lower 48 as of Aug. 8, which was a net increase of 78 bcf from EIA’s estimate for Aug. 1.

Supplies as of Aug. 8 were 530 bcf less than last year at this time and 575 bcf below the 5-year average of 3.042 tcf, EIA said in its weekly gas storage report.

Energy prices

The New York Mercantile Exchange September crude oil contract climbed 22¢ on Aug. 13, closing at $97.59/bbl. The October contract increased 26¢ to $96.74/bbl.

The natural gas contract for September fell 1.43¢ to a rounded $3.83/MMbtu. On the US cash market, gas at Henry Hub, La., was $3.87/MMbtu, down 5¢.

Heating oil for September delivery gained 5.7¢ to a rounded $2.90/gal. Reformulated gasoline stock for oxygenate blending for September delivery climbed 1.99¢ to a rounded $2.75/gal.

The September ICE contract for Brent crude delivery rebounded, jumping $1.26 to $104.28/bbl. The October contract gained $1.17 to $105.06/bbl. The ICE gas oil contract for September was up 25¢ to $875/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes was $100.88/bbl on Aug. 13, down 78¢.

Contract Paula Dittrick at paulad@ogjonline.com.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

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