MARKET WATCH: NYMEX, Brent crude oil prices rebound more than $1/bbl

Prices for US light, sweet crude oil and Brent crude each rebounded by more than $1/bbl on their respective markets July 9, and analysts attributed the rebound to dropping expectations of higher Iranian crude oil exports, at least for now.

Talks between Iran and six international powers about Iran’s nuclear program appeared likely to continue past a July 10 deadline, which was an extension from an earlier deadline.

Previously, oil prices dropped on anticipation of an accord that could result in the eventual lifting of sanctions, allowing Iran to sell more oil to the already-oversupplied global market.

The July 9 gain in crude prices on the New York market snapped a five-session losing streak.

The International Energy Agency was scheduled July 10 to release its monthly report, and Baker Hughes Inc. was scheduled to release its weekly rig count.

The August crude oil contract on the New York Mercantile Exchange gained $1.13 on July 9 to $52.78/bbl. The September contract rose $1.14 to $53.23/bbl.

The natural gas contract for August was up 4¢ to a rounded $2.73/MMbtu. The Henry Hub, La., gas price was $2.69/MMbtu, down 2¢.

Heating oil for August climbed 2¢ to remain at a rounded $1.73. The price for reformulated gasoline stock for oxygenates blending for August rose 4¢ to a rounded $2.04/gal.

The August ICE contract for Brent crude gained $1.56 to $58.61/bbl on July 9, while the September contract climbed $1.49 to $58.88/bbl. The ICE gas oil contract for July was up $12.50 to $536.75/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes for July 9 was $55.54/bbl, up $1.76.

Contact Paula Dittrick at paula@ogjonline.com.

*Paula Dittrick is editor of OGJ’s Unconventional Oil & Gas Report.

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