MARKET WATCH: Benchmarks crude prices gain to end the week
Light, sweet crude oil for September gained more than $1.70 on Aug. 2 to settle at $55.66/bbl while Brent crude oil for October gained to approach $62/bbl to end a volatile week in which prices sank by $4 the previous day on US-China relations.
The US Energy Information Administrated reports US crude oil production has held above 12 million b/d in recent months, rising to a record 12.3 million b/d at times in June and July.
For the week ended July 19, production fell to 11.3 million b/d with Hurricane Barry approaching Louisiana, prompting some temporary production shut-ins and platform evacuations. But EIA reported production returned to 12.2 million b/d for the week ended July 26.
Meanwhile in July, the Organization of Petroleum Exporting Countries and other producers, including Russia, extended production-cut targets of 1.2 million b/d, which was agreed upon by OPEC and other major producers on late 2018. Those production-cut targets now extend into 2020.
Energy prices
Light, sweet crude oil on the New York Mercantile Exchange for September delivery gained $1.71 to settle at $55.66/bbl on Aug. 2 while the October contract rose $1.66 to $55.67/bbl.
The NYMEX natural gas price for September decreased 8¢ to $2.12/MMbtu.
Ultralow-sulfur diesel for September rose nearly 4¢ to $1.89/gal. The NYMEX reformulated gasoline blendstock for September gained 3¢ to a rounded $1.78/gal.
Brent crude for October gained $1.39 to $61.89/bbl. The November contract rose $1.36 to settle at $61.32/bbl.
Gas oil for August declined $8.25 to $578/tonne on Aug. 2.
The average for OPEC’s basket of crudes was $61.75/bbl on Aug. 2, down $1.79.
Contact Paula Dittrick at [email protected].
About the Author
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.