Light, sweet crude oil prices fell on the New York market Aug. 14 to settle just above $67/bbl for September delivery after the American Petroleum Institute reported US crude inventories increased by 3.7 million bbl for the week ended Aug. 10.
On Aug. 15, Commerzbank analysts issues a research note saying, “Oil prices are falling further this morning,” which they attributed to the API report.
The US Energy Information Administration is scheduled to release its weekly report on oil supplies later Aug. 15.
Analysts surveyed by the Wall Street Journal expected the EIA data will show crude inventories fell by 2.4 million bbl for the week ended Aug. 10 compared with the previous week.
Energy prices
The light, sweet crude contract for September delivery on the New York Mercantile Exchange fell 16¢ to close at $67.04/bbl on Aug. 14. The October contract decreased 24¢ to settle at $66.33/bbl.
The NYMEX natural gas price for September gained nearly 3¢ to a rounded $2.96/MMbtu. The Henry Hub cash gas price increased 6¢ to $2.98/MMbtu.
Ultralow-sulfur diesel for September edged down less than 1¢ to a rounded $2.13/gal. The NYMEX reformulated gasoline blendstock for September rose nearly 2¢ to a rounded $2.03/gal.
Brent crude oil for October decreased 15¢ to $72.46/bbl on London’s International Commodity Exchange. The November contract fell 14¢ to settle at $72.78/bbl. The gas oil contract for August was $654.75/tonne on Aug. 14, down 25¢.
The Organization of Petroleum Exporting Countries’ basket of crudes for Aug. 14 was unavailable.
Contact Paula Dittrick at [email protected].
