The light, sweet crude oil contract for October delivery modestly regained some of its previous losses, settling on the New York market Sept. 15 at nearly $44/bbl while US gasoline futures prices gained on reports of the partial shutdown of Colonial Pipeline.
Strong gasoline sales helped support crude futures on Sept. 15, analysts said, adding that Colonial Pipeline, which extends from Texas to New Jersey, is expected to resume full operations within days once a leak is repaired.
The pipeline delivers gasoline to 13 states, and it is responsible for about 40% of the gasoline consumed on the East Coast. A pipeline section has been closed since Sept. 9 after a gasoline spill was discovered in rural Alabama.
Oil market participants, meanwhile, turned their attention Sept. 16 to the scheduled release of the weekly US rig count by Baker Hughes Inc.
Natural gas in underground storage across the Lower 48 was up 62 bcf to an estimated 3.499 tcf for the week ended Sept. 9, the Energy Information Administration reported Sept. 15.
Stocks were 184 bcf higher than last year at this time and 299 bcf above the 5-year average of 3.2 tcf, the Gas Storage Report said.
The October crude oil contract on the New York Mercantile Exchange rose 33¢ on Sept. 15 to close at $43.91/bbl. The November contract was up 37¢ to $44.52/bbl.
The natural gas contract for October climbed nearly 4¢ to a rounded $2.93/MMbtu. On the spot market, the Henry Hub gas price was down 9¢ to $2.95/MMbtu.
Heating oil for October rose 3¢ to a rounded $1.42/gal. The price for reformulated gasoline stock for oxygenates blending was up 7¢ to a rounded $1.43/gal.
The November Brent crude contract on London’s ICE rose 74¢ to settle at $46.59/bbl and the December contract climbed 75¢ to settle at $47.06/bbl. The October gas oil contract settled at $415/tonne, up $6.
The average price for OPEC’s basket of 12 benchmark crudes on Sept. 15 was $41.67/bbl, down 89¢.
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