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Spot prices of Brent crude oil averaged $107/bbl in July, marking the 13th consecutive month in which the average price has ranged $107-112/bbl.
The front-month crude contract increased 0.3% July 15 in the New York futures market, accompanying gains in the equity market as “better-than-feared” Chinese growth data outweighed subpar US retail sales, said analysts in the Houston office of Raymond James & Associates Inc.
The price of crude oil climbed 2.1% in a strong rally Apr. 2. Natural gas also rose 1.2% in the New York futures market, but in the cash market gas hit a 10-year low.
Crude oil prices continued falling for the fifth consecutive session, with the front-month contract down 1% May 8 in a mixed New York futures market amid suggestions Saudi Arabia may release more oil to help reduce prices.
The front-month crude contract price dipped slightly Sept. 12 in the New York futures market, ending a seven-session rally. Natural gas continued climbing, however, with the front-month contract closing above $3/MMbtu.
The front-month crude contract posted a modest loss Feb. 14 in the New York market when an end-of-session rally failed to lift it out of the red. However, natural gas regained 4.4% on the prospect of greater utility turnarounds.
Crude oil prices climbed for the third consecutive session July 21, with the new front-month September contract temporarily topping $100/bbl during intraday trading in the New York market.
The front-month crude oil contract regained a modest 0.5% while natural gas continued climbing, up 1.9% July 24 in the New York Mercantile Exchange as commodity traders generally ignored dismal economic indicators.
Crude oil prices continued falling Aug. 30 in the New York market as Hurricane Isaac weakened into a tropical storm and moved inland, apparently leaving coastal oil and gas infrastructure intact, but natural gas climbed higher despite a bearish inventory report.
Energy commodity prices were mixed July 6, with crude slipping lower in the New York market after the People's Republic of China announced another increase in the yuan benchmark interest rate as of July 7 ahead of the official June consumer price index (CPI) data release on July 15.