MARKET WATCH: NYMEX, Brent oil prices top $50/bbl

Crude oil prices on both the London and New York markets rose above $50/bbl during trading on May 26 for the first time since last fall.

The upward movement was set in motion by a US government report showing that crude stocks posted a larger-than-expected draw during the week ended May 20 (OGJ Online, May 25, 2016). Global supply concerns have recently been heightened by wildfires in Canada and civil unrest in Nigeria and Libya.

Prices were also bolstered by a weaker US dollar, which declined 0.2% in the Wall Street Journal Dollar Index.

The July crude oil contract on the New York Mercantile Exchange gained 94¢ on May 25 to settle at $49.56/bbl. The August rose contract 90¢ to $49.57/bbl.

The NYMEX natural gas contract for June delivery rose 1.2¢ to a rounded $1.99/MMbtu. The Henry Hub price was $1.77/MMbtu, down 14¢.

Heating oil for June delivery increased 2.4¢ to a rounded $1.51/gal. The price for reformulated gasoline stock for oxygenates blending for June fell 1.28¢ to a rounded $1.64/gal.

The July Brent crude contract on London’s ICE gained $1.13 to $49.74/bbl, while the contract for August rose $1.05 to $50.23/bbl. The June gas oil contract gained 25¢ to $447.50/tonne.

The Organization of Petroleum Exporting Countries basket of crudes price for May 25 was $44.02/bbl, losing 5¢.

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