MARKET WATCH: Benchmarks gain slightly with Hurricane Barry’s approach
Crude oil benchmark prices gained slightly on the New York market July 12 despite forecasts that a storm system would make landfall near Intracoastal City, La., July 13, as Hurricane Barry.
Crude oil benchmark prices gained slightly on the New York market July 12 despite forecasts that a storm system would make landfall near Intracoastal City, La., July 13, as Hurricane Barry. Light, sweet crude for August and September both settled just above $60/bbl.
The system was downgraded to Tropical Storm Barry as it slowly moved inland over Louisiana. Forecasters expected rain from central Louisiana through coastal Alabama with onshore eastern Texas getting only a few gusty showers.
Based on data from offshore operator reports submitted as of 11:30 a.m. CDT July 15, the US Bureau of Safety and Environmental Enforcement estimated 73% of current oil production, or 1.38 million b/d, was shut in. The storm also cut nearly 62% of gas production or 2,780 bcfd.
Anadarko Petroleum Corp. removed all personnel and shut in production at its Constitution, Heidelberg, Holstein, and Marco Polo platforms, and shut in production at its Lucius and Marlin platforms because of downstream infrastructure closures.
Light, sweet crude oil on the New York Mercantile Exchange for August delivery increased 1¢ to $60.21/bbl on July 12 while the September contract gained 3¢ to $60.30/bbl.
NYMEX natural gas for August increased a rounded 4¢ to $2.45/MMbtu.
Ultralow-sulfur diesel for August edged up a fraction of 1¢ to remain at a rounded $1.98/gal. The NYMEX reformulated gasoline blendstock for August decreased 1¢ to a rounded $1.98/gal.
Brent crude for September rose 20¢ to $66.72/bbl. The October price increased 12¢ to settle at $66.34/bbl.
The gas oil contract for August fell $3.50 to $605/tonne on July 12.
The average for the Organization of Petroleum Exporting Countries’ basket of crudes was $67.36/bbl on July 12, down 21¢.
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