OIL PRICE UP TO $51.44
According to OGJ, the light, sweet crude oil contract for July delivery rose on the New York market to settle above $50/bbl June 7, marking the highest settlement since July 21, 2015. Brent crude for August delivery settled at $51.44/bbl on the London market. It was the highest price for front-month Brent since Oct. 9, 2015.
Analysts attributed higher oil prices to an anticipated draw in US crude inventories for the week ended June 3 and on concerns about continuing attacks on Nigerian oil pipelines.
The US Energy Information Administration was scheduled to release its weekly US crude oil and products inventory later June 8.
In the June Short-Term Energy Outlook, EIA forecast Brent crude oil prices will average $43/bbl in 2016 and $52/bbl in 2017, $3/bbl and $1/bbl higher, respectively, than forecasts in last month's STEO. EIA forecast light, sweet crude oil prices would average slightly less than Brent in 2016 and be the same as Brent in 2017.
"Global fundamentals have really tightened significantly in the past 6 to 8 weeks," Michael Tran, commodity strategist at RBC Capital Markets, said June 7 in New York during an RBC executive conference on energy and power.
The July crude oil contract on the New York Mercantile Exchange rose 67¢ on June 7, settling at $50.36/bbl. The August contract also climbed 75¢ to $50.92/bbl.
Natural gas for July rose by less than a penny, closing at a rounded $2.47/MMbtu on NYMEX.
Heating oil for July delivery gained nearly 4¢ to a rounded $1.54/gal. The price for reformulated gasoline stock for oxygenates blending for July decreased less than a penny to remain at a rounded $1.59/gal.
The August Brent crude contract on London's ICE climbed 89¢ to $51.44/bbl. The September contract was up 92¢ to $51.89/bbl. The June gas oil contract rose $11.25 to $456.25/tonne.
The Organization of Petroleum Exporting Countries' basket of crudes price for June 7 was $46.54/bbl, up 54¢.
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