MARKET WATCH: NYMEX, Brent oil prices hold steady
Light, sweet crude futures held fairly flat on the New York market Aug. 23 with the October contract falling slightly to settle above $67.80/bbl while the November contract gained. Brent crude oil for October fell to settle above $74.70/bbl and the November contract rose to settle above $75/bbl in London.
Oil prices rose in early New York trading Aug. 24. Prices have been supported by a US government report showing a larger-than-expected drop in US oil supplies and uncertainty about how US sanctions will affect Iran’s oil exports and world oil supply.
US President Donald Trump in May announced a US exit from an international agreement that lifted sanctions against Iran in exchange for its cooperation on its nuclear program. New US sanctions could result in a reduction of more than 1 million b/d of Iranian crude oil exports by November. Trump’s administration is asking other countries to stop buying Iranian crude.
Energy prices
The light, sweet crude contract for October delivery on the New York Mercantile Exchange fell 3¢ to close at $67.83/bbl on Aug. 23. The November contract increased 2¢ to settle at $67.53/bbl.
The NYMEX natural gas price for September edged up less than 1¢ to remain at a rounded $2.96/MMbtu. The Henry Hub cash gas price decreased 3¢ to $2.96/MMbtu.
Ultralow-sulfur diesel for September edged up less than 1¢ to remain at a rounded $2.17/gal. The NYMEX reformulated gasoline blendstock for September fell less than 1¢ to a rounded $2.06/gal.
Brent crude oil for October dropped 5¢ to $74.73/bbl on London’s International Commodity Exchange. The November contract increased 2¢ to $75.09/bbl. The gas oil contract for September was $666.75/tonne on Aug. 23, up $3.
The Organization of Petroleum Exporting Countries’ basket of crudes for Aug. 23 was $73.01/bbl, up $1.26.
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.