MARKET WATCH: Crude oil futures close week modestly lower

Crude oil futures prices closed out the week ended Aug. 22 modestly lower after staging a bit of a recovery midweek (OGJ Online, Aug. 22, 2014).

The New York Mercantile Exchange October crude oil contract declined 31¢ on Aug. 22, closing at $93.65/bbl. The November also fell, down 21¢ to $93.17/bbl.

The natural gas contract for September was down 4.9¢ to $3.84/MMbtu. On the US cash market, gas at Henry Hub, La., stood at $3.85/MMbtu, down 2¢.

Heating oil for September delivery was down just shy of a penny to a rounded $2.83/gal. Reformulated gasoline stock for oxygenate blending for September delivery also was down just short of a cent, to a rounded $2.74/gal.

The October ICE contract for Brent crude delivery lost 34¢ to $102.29/bbl. The November contract fell 32¢ to $103.04/bbl. The ICE gas oil contract for September was up another $1 to $860.25/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes was $99.19/bbl on Aug. 22, up 16¢.

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