Light, sweet crude oil prices for August gained to settle above $71/bbl on the New York market July 13 while Brent crude oil for September delivery also gained to settle above $75/bbl, ending a week in which oil prices tumbled earlier on news Libya would resume oil exports.
Traders and analysts this week will be watching for news from a US-Russia meeting. US President Donald Trump is meeting with Russian President Vladimir Putin on July 16 in Helsinki, Finland.
Kremlin spokesman Dmitry Peskov told reporters that the leaders might discuss the oil market although he noted that many other topics also are expected to be discussed.
Meanwhile, analysts remain uncertain how much oil will quickly return to world markets with the reopening of Libya’s four eastern ports. Supply disruptions continue from the Canadian oil sands and from Venezuela.
Oil prices dropped steeply on London and New York markets July 11 after Libya said it was reopening its eastern ports and resuming oil exports from those ports.
Brent crude oil prices approached $80 a barrel in late June and early July, which analysts attributed to Libyan supply disruptions and fears US officials would pressure other countries to stop importing Iranian oil starting in November.
In May, Trump announced a US exit from a 2016 international agreement that lifted sanctions against Iran in exchange for that nation’s cooperation on its nuclear program. Currently, US sanctions are scheduled to be implemented Nov. 4.
Separately, US Sec. of State Mike Pompeo said the Trump administration would consider granting waivers to some of Iran's crude buyers.
Energy prices
The New York Mercantile Exchange crude oil futures for the August light, sweet crude contract gained 68¢ to settle at $71.01/bbl on July 13. The September price rose 60¢ to $69.95/bbl.
The NYMEX natural gas price for August fell nearly 5¢ to a rounded $2.75/MMbtu. The Henry Hub cash gas price fell 4¢ to $2.80/MMbtu.
Ultralow-sulfur diesel for August increased 1¢ to a rounded $2.13/gal. The NYMEX reformulated gasoline blendstock for August rose 3¢ to a rounded $2.10/gal.
Brent crude oil for September gained 88¢ to $75.33/bbl on London’s International Commodity Exchange. The October contract rose 82¢ to $75.26/bbl. The gas oil contract for August was $654.25, up $13.25.
The OPEC basket of crudes average price for July 13 was $72.15, unchanged from the previous day.
Contact Paula Dittrick at [email protected].
