MARKET WATCH: Crude oil futures prices fall amid ‘slowing’ global demand

Futures prices for West Texas Intermediate crude fell again Aug. 14, heading for the fourth weekly decline in a row, noted analysts with Raymond James & Associates Inc. WTI crude prices fell, RJA analysts said, “amid a growing market sense that supply is expanding as global demand slows.”

They added, however, that Henry Hub natural gas futures rose 2.4% after the US Energy Information Administration’s weekly inventories report detailed lower-than-anticipated injections into storage.

The New York Mercantile Exchange September crude oil contract dropped $2.01 on Aug. 14, closing at $95.58/bbl. The October contract increased $2.66 to $94.08/bbl.

The natural gas contract for September was up 7.5¢ to a rounded $3.91/MMbtu. On the US cash market, gas at Henry Hub, La., was $3.83/MMbtu, down 4¢.

Heating oil for September delivery lost 8.24¢ to a rounded $2.82/gal. Reformulated gasoline stock for oxygenate blending for September delivery fell 8.78¢ to a rounded $2.67/gal.

The September ICE contract for Brent crude delivery declined $2.27 to close at $102.01/bbl. The October contract dropped $2.99 to $102.07/bbl. The ICE gas oil contract for September fell $8.25 to $866.75/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes was not posted on Aug. 14. It stood at $100.88/bbl on Aug. 13.

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