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The new front-month contract for benchmark US crude oil rebound by 1.5% Mar. 21 in the New York market following a government report of an unexpected draw last week from commercial inventories.
Crude oil prices continued declining Sept. 25 in a mixed New York market after Charles Plosser, president of the Philadelphia Federal Reserve Bank, said the system’s latest stimulus program is “unlikely” to contribute much to US employment or economic growth.
Crude oil prices continued to tumble July 1 in the New York market amid more signs of a slowdown in the economic recovery, but natural gas was up following a smaller-than-expected injection into US underground storage.
The front–month crude oil contract advanced 0.9% on July 9 in the New York market, gaining 5.5% through the week on mixed demand forecasts and an unexpected drop in US inventories.
As traders shrugged off a bearish government report of US oil inventories June 16, the front-month crude contract climbed to a 5-week high closing above $77/bbl. Natural gas, meanwhile, lost momentum, dropping 4% to below $5/MMbtu in the New York market.
Energy prices rose Aug. 17 with the front-month crude contract breaking a five-session losing streak that had carried it to a 5-week low—but still above $75/bbl—in the New York market.
The front-month crude oil contract declined Oct. 4 after a 3-day rally last week in the New York commodities market as it followed the equities market down; the natural gas futures price also dropped for the third consecutive session.
Oil prices increased for the third consecutive day June 10, with the front-month crude contract moving above $75/bbl in New York as the commodity market rose led by energy stocks and the dollar fell against major currencies.
Crude oil prices continued to climb with the front-month contract up 0.6% on a weaker dollar, while natural gas rebounded slightly Nov. 2 in the New York market.
Oil prices continued climbing for a second session Aug. 26 in the New York market, with the front-month crude contract up 1.16%, topping $73/bbl in its recent trend of trading as a financial instrument while ignoring market fundamentals of supply and demand.