MARKET WATCH: Crude oil, gas futures start August lower
The New York Mercantile Exchange September crude oil contract declined 29¢ on Aug. 1, closing at $97.88/bbl. The October contract decreased 38¢ to $96.94/bbl.
The natural gas contract for September fell 4.3¢ to a rounded $3.80/MMbtu. On the US cash market, gas at Henry Hub, La., was $3.75/MMbtu, edging up a penny.
Heating oil for September delivery fell 2.38¢ to settle at a rounded $2.87/gal. Reformulated gasoline stock for oxygenate blending for September delivery lost 5.32¢ to a rounded $2.74/gal.
The September ICE contract for Brent crude delivery dropped $1.18 to $104.84/bbl. The October contract declined $1.02 to $105.51/bbl. The ICE gas oil contract for August was down $3.50 to $883.50/tonne.
A price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes was $102.90/bbl on Aug. 1, a decline of 67¢.