Hot Reports
Crude Price Holds Steady; Gas Only Mover
2010-07-30 [Source: platts]
HOUSTON, July 29 -- Crude oil prices held steady July 28 "dropping only 0.8% despite a surprisingly bearish [US Department of Energy] report citing a total petroleum inventory increase well above consensus estimates," said analysts at Raymond James & Associates. Natural gas, meanwhile, was "the only mover on the day," RJA analysts said, "increasing 2.1% after more forecasts of hotter-than-normal weather across" the US.
The September contract for benchmark US sweet, light crudes dropped 51¢ to $76.99/bbl July 28 on the New York Mercantile Exchange. The October contract lost 46¢ to $77.44/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was down 51¢ to $76.99/bbl. Heating oil for August delivery was virtually unchanged at $2/gal on NYMEX. Reformulated blend stock for oxygenate blending for the same month also was unchanged at $2.06/gal.
The August natural gas contract gained 9.9¢ to $4.77/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., gained 8¢ to $4.795/MMbtu.
In London, the September IPE contract for North Sea Brent crude lost 7¢ to $76.06/bbl. Gas oil for August was down $3 to $638.50/tonne.
The average price for the Organization of Petroleum Exporting Countries' basket of 12 reference crudes was down 69¢ to $73.26/bbl.
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