MARKET WATCH: NYMEX oil prices snap 4-day losing streak

Light, sweet oil prices gained modestly July 19 on the New York market, snapping a 4-day losing streak. But US oil futures still fell overall for the week, which analysts attributed to investors’ concerns about excess world oil supply.

US oil futures retreated 7.6% for the week ended July 19, marking their largest weekly decline since the week ended May 31, the Wall Street Journal said. Brent crude oil prices on London’s market declined about 6% for the week, WSJ added.

Geopolitical tensions continue to influence oil-price volatility. Both crude benchmarks rose July 19 after Iran’s Revolutionary Guard said it seized a British-flagged oil tanker in the Strait of Hormuz.

US and Iranian government officials argued about what happened with an Iranian drone, increasing worries that ongoing tensions could disrupt oil shipments through the Middle East.

Iran denied the US Navy shot down an Iranian drone. The denial came hours after US President Donald Trump said the USS Boxer took defensive action because the drone was flying too close.

Energy prices

Light, sweet crude oil on the New York Mercantile Exchange for August delivery added 33¢ to settle at $55.63/bbl on July 19 while the September contract increased 34¢ to $55.76/bbl.

NYMEX natural gas for August fell nearly 4¢ to a rounded $2.25/MMbtu.

Ultralow-sulfur diesel for August gained nearly 3¢ to a rounded $1.89/gal. The NYMEX reformulated gasoline blendstock for August added less than 1¢ to a rounded $1.84/gal.

Brent crude for September gained 54¢ to $62.47/bbl. The October price increased 69¢ to settle at $62.28/bbl.

The gas oil contract for August rose $7 to $576/tonne on July 19.

The average for The Organization of Petroleum Exporting Countries’ basket of crudes was $62.93/bbl on July 19, down 17¢.

Contact Paula Dittrick at pdittrick@endeavorb2b.com.