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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.
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.
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.
Crude oil prices rose Aug. 25, with the front-month crude contract up 1.2% to once again top $72/bbl, ending a 5-session losing streak in the New York market.
Increased US retail sales indicating continued economic expansion pushed the near-month crude contract above $74/bbl July 7 on the New York market, breaking a 7-session losing streak.