MARKET WATCH: NYMEX oil price jumps on falling US crude oil supplies

The crude oil price rebounded by more than $1/bbl on the New York market Aug. 20 to settle above $96/bbl after a weekly government report showed a larger-than-expected fall in the US crude oil inventory.

The Energy Information Administration estimated US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 4.5 million bbl for the week ended Aug. 15 compared with the previous week (OGJ Online, Aug. 20, 2014).

Regarding natural gas in underground storage across the Lower 48, EIA said stored working gas was at 2.5 tcf as of Aug. 15, which was a net increase of 88 bcf from the previous week.

Stocks were 500 bcf less than last year at this time and 535 bcf below the 5-year average of 3 tcf, EIA said Aug. 21 in the weekly storage report.

Meanwhile, the Louisiana Offshore Oil Port was expected to reopen soon after being closed to tankers since Aug. 13 for pipeline repairs. A spokesman said the LOOP likely would be reopened by Aug. 23, perhaps as early as Aug. 21. LOOP receives US oil imports.

Chinese manufacturing activity weakened in August to a 3-month low, with a preliminary HSBC China Manufacturing Purchasing Managers Index slipping to 50.3 compared with 51.7 for July. Analysts said a slowing economy likely means slowing oil demand from China.

Elsewhere, Libya officials confirmed the resumption of oil exports from Es Sider terminal as expected after almost a year (OGJ Online, Aug. 19, 2014).

Energy prices

The New York Mercantile Exchange September crude oil contract gained $1.59 on Aug. 20, closing at $96.07/bbl. The October contract was down 59¢ to $93.45/bbl.

The natural gas contract for September dropped 5.4¢ to a rounded $3.82/MMbtu. On the US cash market, gas at Henry Hub, La., was up 1¢ to $3.85/MMbtu.

Heating oil for September delivery edged up less than a penny to a rounded $2.83/gal. Reformulated gasoline stock for oxygenate blending for September delivery was up 1.72¢ to a rounded $2.71/gal.

The October ICE contract for Brent crude delivery climbed 72¢ to $102.28/bbl. The November rose 65¢ to $102.95/bbl. The ICE gas oil contract for September gained $1.75 to $857.50/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes was $99.52/bbl on Aug. 20, up 59¢.

Contract Paula Dittrick at paulad@ogjonline.com.

Related Articles

OGUK updates guidelines for well abandonments

07/23/2015

Oil & Gas UK has released updated guidelines for abandonment of wells, including cost estimates.

MARKET WATCH: Oil futures plunge below $50/bbl

07/23/2015

Light, sweet crude oil futures prices plunged lower to settle below $50/bbl on the New York market on July 22.

Cornyn calls for more US energy exports in wake of Iran deal

07/23/2015 US Senate Majority Whip John Cornyn (R-Tex.) said it would be geopolitically, economically, and strategically absurd for the US to maintain outmode...

Post-sanctions Iran initially won’t shake markets up, executive says

07/22/2015 Iran’s resumption of oil and gas exports, once sanctions are lifted under the recently negotiated nuclear limits agreement, probably won’t flood gl...

UAE easing gasoline, diesel price controls

07/22/2015

The United Arab Emirates is moving prices of gasoline and diesel toward deregulation effective Aug. 1.

MARKET WATCH: NYMEX crude oil prices gain on expected weekly supply decline

07/22/2015 Light, sweet crude oil prices settled modestly above $50/bbl on the New York market on July 21, gaining support from a stronger dollar and from exp...

BLM extends comment period for Colorado oil, gas project’s EA

07/21/2015 The US Bureau of Land Management has extended the comment period for a preliminary environmental assessment (EA) of a proposed oil and gas project ...

Study looks at gas transmission, storage sites’ methane releases

07/21/2015 A comprehensive study of US natural gas transmission and storage operations found total methane emissions from 2,292 on-site measurements, addition...

MARKET WATCH: NYMEX crude oil price for August briefly dips below $50/bbl

07/21/2015 Light, sweet crude oil prices briefly dropped below $50/bbl on the New York market on July 20 for the first time since April but regained some supp...
White Papers

Solutions to Financial Distress Resulting from a Weak Oil and Gas Price Environment

The oil and gas industry is in the midst of a prolonged worldwide downturn in commodity prices. While ...
Sponsored by

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by
Available Webcasts


The Resilient Oilfield in the Internet of Things World

When Tue, Sep 22, 2015

As we hear about the hype surrounding the Internet of Things, the oil and gas industry is questioning what is different than what is already being done. What is new?  Using sensors and connecting devices is nothing new to our mode of business and in many ways the industry exemplifies many principles of an industrial internet of things. How does the Internet of Things impact the oil and gas industry?

Prolific instrumentation and automation digitized the industry and has changed the approach to business models calling for a systems led approach.  Resilient Systems have the ability to adapt to changing circumstances while maintaining their central purpose.  A resilient system, such as Maximo, allows an asset intensive organization to leverage connected devices by merging real-time asset information with other critical asset information and using that information to create a more agile organization.  

Join this webcast, sponsored by IBM, to learn how about Internet of Things capabilities and resilient systems are impacting the landscape of the oil and gas industry.

register:WEBCAST



On Demand

Taking the Headache out of Fuel License and Exemption Certificates: How to Ensure Compliance

Tue, Aug 25, 2015

This webinar, brought to you by Avalara, will detail the challenges of tax document management, as well as recommend solutions for fuel suppliers. You will learn:

-    Why it’s critical to track business partner licenses and exemption documents
-    The four key business challenges of ensuring tax compliance through document management
-    Best practice business processes to minimize exposure to tax errors

register:WEBCAST


Driving Growth and Efficiency with Deep Insights into Operational Data

Wed, Aug 19, 2015

Capitalizing on today’s momentum in Oil & Gas requires operational excellence based on a clear view of what your business data is telling you. Which is why nearly half* of oil and gas companies have deployed SAP HANA or have it on their roadmap.

Join SAP and Red Hat to learn more about using data to drive process improvements and identify new opportunities with the SAP HANA platform running on Red Hat Enterprise Linux. This webinar will also show how your choice of infrastructure impacts the performance of core business applications and your ability to achieve data-driven insights quickly and reliably.

*48% use SAP, http://go.sap.com/solution/industry/oil-gas.html

register:WEBCAST


OGJ's Midyear Forecast 2015

Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Emerson Micro Motion Videos

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