The US light, sweet crude oil contracts for October and November jumped more than $1 to each settle above $49/bbl Sept. 13 on the New York market, the highest in a month. The Brent contract for November settled above $55/bbl on the London market, its highest since April.
The International Energy Agency said Sept. 13 that world oil supplies dropped for the first time in 4 months in August, by 720,000 b/d. The IEA raised its oil demand growth forecast to 1.6 million b/d for 2017 (OGJ Online, Sept. 13, 2017).
Meanwhile, crude oil inventories climbed following earlier refineries closings because of Hurricane Harvey while gasoline inventories declined for a second straight week (OGJ Online, Sept. 13, 2017).
US commercial crude inventories, excluding the Strategic Petroleum Reserve, increased 5.9 million bbl during the week ended Sept. 8 from the previous week’s total, the US Energy Information Administration reported. The latest oil inventory total was 468.2 million bbl.
The Weekly Petroleum Status Report said US oil production fell 572,000 b/d for the week ended Sept. 8 to 9.35 million b/d total. Production across the Lower 48 states rose 582,000 b/d to a rounded 8.87 million b/d while Alaska’s production fell 10,000 b/d to 484,000 b/d, EIA said.
Energy prices
The October light, sweet crude contract on the New York Mercantile Exchange gained $1.07 on Sept. 13 to settle at $49.30/bbl while the November contract climbed $1 to settle at $49.75/bbl.
The NYMEX natural gas price for October rose nearly 6¢ to a rounded $3.06/MMbtu. The Henry Hub cash gas price was up 10¢ to $2.99/MMbtu.
Heating oil for October gained nearly 3¢ to settle at a rounded $1.77/gal. The NYMEX reformulated gasoline blendstock for October was down nearly 1¢ to a rounded $1.65/gal on Sept. 13.
The Brent crude contract for November on London’s ICE rose 89¢ to $55.16/bbl. The December contract climbed 86¢ to $54.89/bbl. The gas oil contract for October was $526.25/tonne, up $8.25.
The Organization of Petroleum Exporting Countries’ basket of crudes for Sept. 13 was $52.92/bbl, up 84¢.
Contact Paula Dittrick at [email protected].
