MARKET WATCH: NYMEX crude oil price rises pending inventory

The light, sweet crude oil contract for October delivery settled at $45.50/bbl Sept. 7, up 67¢ pending the US Energy Information Administration’s weekly oil and product inventory report, which was scheduled to be released a day later than normal because of the Sept. 5 Labor Day holiday in the US.

Separately, the American Petroleum Industry estimated supplies fell 12.1 million bbl for the week ended Sept. 2.

EIA released its Short-Term Energy Outlook Sept. 7, saying Brent crude oil will average $43/bbl in 2016 and $52/bbl in 2017.

West Texas Intermediate crude oil prices are forecast to average $1/bbl less than Brent in 2016 and 2017, the STEO said, adding, “The current values of futures and options contracts suggest high uncertainty in the price outlook.”

The Wall Street Journal reported a survey of 12 investment banks forecast Brent crude oil will average $57/bbl in 2017. The surveyed bankers expect light, sweet crude oil will average $55/bbl in 2017.

Energy prices

The November crude oil contract on the New York Mercantile Exchange rose 69¢ to $46.15/bbl.

The natural gas contract for October fell 4¢ to at a rounded $2.68/MMbtu. On the spot market, the Henry Hub gas price held unchanged from the previous day at $2.82/MMbtu.

Heating oil for October increased 1.8¢ to a rounded $1.43/gal. The price for reformulated gasoline stock for oxygenates blending gained 3¢ to a rounded $1.35/gal.

The November Brent crude contract on London’s ICE rose 72¢ to settle at $47.98/bbl and the December contract climbed 74¢ to settle at $48.39. The September gas oil contract settled at $410.75/tonne, up $2.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes on Sept. 7 was $43.18/bbl, up 43¢.

Contact Paula Dittrick at paulad@ogjonline.com.

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