Light, sweet crude oil prices fell on the New York market Aug. 28 pending the weekly US government inventory report, scheduled for release on Aug. 29.
The American Petroleum Institute said its own data showed US crude supplies rose 38,000 bbl for the week ended Aug. 24. Separately, a Wall Street Journal survey of analysts and traders showed they expected a weekly drop of about 1 million bbl in the crude inventory.
Giovanni Staunovo, UBS Wealth Management analyst, called market participants in “a wait-and-see mode” ahead of the US Energy Information Administration’s release of its crude oil and products inventory.
Bjarne Schieldrop, SEB Markets chief commodities analyst, forecast near-term Brent crude oil prices will range $70-80/bbl. Iranian oil exports are dropping with the nearing of anticipated US unilateral oil sanctions to take effect in November.
US President Donald Trump announced a US exit from an international agreement that resulted in the lifting of earlier sanctions by an alliance of countries against Iran in exchange for Iran’s cooperation regarding its nuclear program.
Energy prices
The light, sweet crude contract for October delivery on the New York Mercantile Exchange dropped 34¢ to $68.53/bbl on Aug. 28. The November contract decreased 32¢ to settle at $68.22/bbl.
The NYMEX natural gas price for September decreased 2¢ to $2.85/MMbtu. The Henry Hub cash gas price fell 2¢ to $2.93/MMbtu.
Ultralow-sulfur diesel for September edged down less than 1¢ to remain at a rounded $2.21/gal. The NYMEX reformulated gasoline blendstock for September fell 1¢ to a rounded $2.08/gal.
Brent crude oil for October decreased 26¢ to $75.95/bbl on London’s International Commodity Exchange. The November contract decreased 21¢ to $76.29/bbl. The gas oil contract for September was $684/tonne on Aug. 28, up $5.25.
The Organization of Petroleum Exporting Countries’ basket of crudes for Aug. 29 was $74.75/bbl, up 66¢.
Contact Paula Dittrick at [email protected].
