MARKET WATCH: Crude oil futures prices jump again

Crude oil futures prices jumped again July 17—the second dollar-plus gain in as many days.

Crude oil futures prices jumped again July 17—the second dollar-plus gain in as many days.

Energy markets are most likely concerned about oil supplies and unrest in the Ukraine. Earlier this week, US President Barack Obama imposed new sanctions against Russia’s state-run OAO Rosneft and three other companies because pro-Russian separatists resumed fighting in eastern Ukraine after a brief ceasefire fell apart (OGJ Online, July 17, 2014).

The New York Mercantile Exchange August crude oil contract jumped $1.99 on July 17, closing at $103.19/bbl. The September contract gained $1.60 to $102.20/bbl.

The natural gas contract for August decreased 16.5¢ to a rounded $3.95/MMbtu. On the US cash market, gas at Henry Hub, La., was $4.03/MMbtu, falling 7¢.

Heating oil for August delivery edged up slightly, but remained at a rounded $2.86/gal. Reformulated gasoline stock for oxygenate blending for August delivery edged down slightly, remaining at a rounded $2.88/gal.

The September ICE contract for Brent crude delivery was up 72¢ to $107.89/bbl. The October contract gained 55¢ to $108/bbl. The ICE gas oil contract for August was unchanged at $881.50/tonne.

The Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes for July 17 was $105.04/bbl, rising 60¢.

More in Economics & Markets