Oil Prices Edge Upward
West Texas Intermediate (WTI) and Brent crude oil futures started the week showing modest gains.
The WTI for June delivery added 31 cents Monday to settle at $62.25 per barrel. The benchmark bottomed out at $60.04 and peaked at $62.74 during the early week session.
Brent crude oil also finished the day higher. The July Brent contract price added 39 cents, settling at $71.24 per barrel.
Tom McNulty, Houston-based managing director with Great American Group, told Rigzone that oil prices likely would be lower barring certain world events nowadays.
“I think Brent and WTI would be trading lower, but for several geopolitical issues, particularly the ever-increasing tensions in play with Iran right now,” said McNulty.
Moreover, he observed the U.S. Energy Information Administration (EIA) has reported that the inventory of drilled but uncompleted (DUC) wells has grown markedly over the past year.
“On Friday, the EIA reported that the DUCs count in the U.S. is still climbing and is now 26 percent higher than it was one year ago,” McNulty said. “The supply potential from the U.S., Russia and OPEC, in light of demand forecasts, should be pushing crude oil prices lower by more than they have fallen.”
Reformulated gasoline (RBOB) often tracks oil price movements, but that was not the case Monday. June RBOB futures shed three cents to end the day just under $2 per gallon.
Henry Hub natural gas also edged downward Monday. The June gas contract lost four cents to settle at $2.52.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea