MARKET WATCH: NYMEX crude oil futures rise modestly awaiting IEA report

Oil prices rose modestly on the New York market Aug. 11 while analysts awaited the Aug. 12 release of monthly reports from the International Energy Agency and US Energy Information Administration.

On Aug. 8, the Organization of Petroleum Exporting Countries released a monthly oil market report that showed OPEC production reached its highest level in 5 months during July because Libya negotiated the reopening of oil export terminals and oil fields.

In its monthly report, OPEC said Libya’s production rose 200,000 b/d in July, boosting OPEC’s production by 167,000 b/d to a total of 29.9 million b/d.

Libya’s government and rebel forces agreed to reopen ports and oil fields that had been closed for almost a year (OGJ Online, July 8, 2014).

Barclays analyst Miswin Mahesh noted that “upside price risks” continue because uncertain political situations exist in Ukraine, Iraq, and elsewhere.

“Despite a weaker supply-demand picture, expected increase in exports from Libya will likely prove unreliable, and geopolitical risk continues to mount in Iraq as the Islamic State gains more ground,” Mahesh said in a weekly research report.

Energy prices

The New York Mercantile Exchange September crude oil contract climbed 43¢ on Aug. 11, closing at $98.08/bbl. The October contract increased 37¢ to $97.21/bbl.

The natural gas contract for September climbed less than a penny to a rounded $3.97/MMbtu. On the US cash market, gas at Henry Hub, La., was $3.95/MMbtu, up 4¢.

Heating oil for September delivery edged up by less than a penny to a rounded $2.88/gal. Reformulated gasoline stock for oxygenate blending for September delivery edged down by a fraction of a penny to remain a rounded $2.75/gal.

The September ICE contract for Brent crude delivery dropped 34¢ to $104.68/bbl. The October contract declined 23¢ to $105.39/bbl. The ICE gas oil contract for August was up $4 to $883.75/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes was $103.10/bbl on Aug. 11, down 81¢.

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