MARKET: NYMEX crude oil prices edge up

Crude oil prices gained slightly to hold fairly flat on markets in New York and London June 11. Analysts note that prices are down 20% from April based on concerns about slowing oil demand coupled with rising US production.

Jun 12th, 2019

Crude oil prices gained slightly to hold fairly flat on markets in New York and London June 11. Analysts note that prices are down 20% from April based on concerns about slowing oil demand coupled with rising US production.

The US Energy Information Administration was scheduled June 12 to release its weekly oil and products inventory.

Separately, the Wall Street Journal said its survey of investment banks shows bankers in May maintained their expectations that oil prices will rise during the second half although the bankers lowered their forecasts for the overall 2019 average from what they forecast in April.

Brent crude is expected to average $69.73/bbl the year, down from $69.93/bbl forecast in April, the WSJ poll of 10 investment banks showed.

Bankers expect US light, sweet crude will average $61.14/bbl for 2019, down from April’s forecast of $61.50/bbl.

Energy prices

Light, sweet crude oil on the New York Mercantile Exchange for July delivery was up 1¢ to $53.27/bbl while the August contract increased 4¢ to settle at $53.52/bbl.

NYMEX natural gas for July was up 4¢ to settle at a rounded $2.40/MMbtu.

Ultralow-sulfur diesel for July increased 1.6¢ to a rounded $1.82/gal. The NYMEX reformulated gasoline blendstock for July rose 2.6¢ to a rounded $1.76/gal.

Brent crude for August was unchanged at $62.29/bbl. The September price increased 11¢ to settle at $61.45/bbl.

The gas oil contract for June was unchanged at $559.25/tonne on June 11.

The average for the Organization of Petroleum Exporting Countries’ basket of crudes was down 45¢ to $62.56/bbl on June 11.

Contact Paula Dittrick at paulad@ogjonline.com.

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