Light, sweet crude oil prices gained moderately July 18 to settle at $46.40/bbl. That price held flat in early July 19 trading while market participants awaited a weekly US government report on oil and product inventories.
The American Petroleum Institute estimated US crude supplies rose 1.6 million bbl for the week ended July 14. The US Energy Information Administration was scheduled to release its inventory later on July 19.
Some analysts said market participants expected US oil supplies would fall by about 3 million bbl.
Han van Cleef, ABN-AMRO senior energy economist, said he expects a sustained oil price upturn from the second half of 2018. He assumes that world oil demand will continue to show strong growth, possibly lifting Brent oil prices toward $75/bbl by Dec. 31, 2019.
But in the shorter-term, ABN-AMRO revised its Dec. 31, 2017, oil price forecast to $57/bbl for Brent, down from its earlier forecast of $60/bbl.
ABN-AMBRO revised its Dec. 31, 2017, forecast for US light, sweet crude oil to $54/bbl, down from its earlier forecast of $60/bbl.
Energy prices
The August light, sweet crude contract on NYMEX gained 38¢ on July 18 to settle at $46.40/bbl. The September contract was up 36¢ to close at $46.59/bbl.
The NYMEX natural gas price for August rose nearly 7¢ to a rounded $3.09/MMbtu. The Henry Hub cash gas price was $3.09/MMbtu, up 7¢.
Heating oil futures for August was up 1¢ to a rounded $1.51/gal. Reformulated gasoline stock for oxygenate blending for August gained 2¢ to $1.58/gal.
The Brent crude contract for September on London’s ICE gained 42¢ to $48.84/bbl while the October contract was up 40¢ to $49.08/bbl. The August gas oil contract was $446.25/tonne, down $2.25¢.
The Organization of Petroleum Exporting Countries’ basket of crudes on July 18 was $46.45/bbl, down 35¢.
Contact Paula Dittrick at [email protected].