MARKET WATCH: NYMEX crude oil rises pending inventory estimates
Light, sweet crude oil prices for September and October rose moderately on the New York market July 23 pending the July 24 release of the weekly oil and product inventory report by the US Energy Information Administration.
Meanwhile, the American Petroleum Institute said late July 23 that US crude levels fell by 11 million bbl for the week ended July 19. Many analysts expect the EIA estimate will show a smaller drop than API’s report. The EIA is the more closely watched by market participants and analysts of the two separate reports. A poll of analysts by S&P Global Platts forecast the EIA report will show a 4.4 million-bbl decline in crude oil inventories.
Commerzbank analysts said the fall in oil supplies likely stemmed from production being temporarily stopped and platforms evacuated during the approach of Hurricane Barry across the Gulf of Mexico. Hurricane Barry made landfall in Louisiana.
Energy prices
Light, sweet crude oil on the New York Mercantile Exchange for September delivery added 55¢ to settle at $56.77/bbl on July 23 while the September contract increased 57¢ to $56.85/bbl.
NYMEX natural gas for August fell 1¢ to a rounded $2.30/MMbtu.
Ultralow-sulfur diesel for August gained 2¢ to a rounded $1.92/gal. The NYMEX reformulated gasoline blendstock for August rose 3¢ to a rounded $1.86/gal.
Brent crude for September gained 57¢ to $63.83/bbl. The October price increased 72¢ to settle at $63.75/bbl.
The gas oil contract for August rose 25¢ to $585/tonne on July 23.
The average for the Organization of Petroleum Exporting Countries’ basket of crudes was $63.92/bbl on July 23, down $1.33.
Contact Paula Dittrick at [email protected].
Paula Dittrick | Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.
