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.

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