Oil Prices Fall Amid Bearish Chatter
West Texas Intermediate (WTI) and Brent crude oil futures finished lower Monday, marking the fourth consecutive down trading day.
WTI crude for July delivery lost 25 cents, ending the day at $53.25 per barrel. The WTI peaked at $54.63 and bottomed out at $52.11 during the early week session.
The August Brent oil futures price settled at $61.28 per barrel Monday, reflecting a 71-cent decline.
“There was a lot of commentary today about oil going into a bear market as it rallied and then fell back in New York trading,” Tom McNulty, Houston-based managing director with Great American Group, told Rigzone.
As a Bloomberg article posted to Rigzone earlier Monday notes, crude oil is down nearly 20 percent since late April amid an “increasingly fraught global trade environment.” McNulty contends that such chatter in the oil market is “very tactical.” Instead, he remarked that keeping a broader perspective is a worthwhile exercise.
“Are we forgetting that, year-to-date, WTI is up 17 percent and Brent is up about 14 percent?” McNulty said. “What we see here in Texas with our clients is more of a discussion around free cash flow yield and how to find ways to make money at lower prices.”
The price of reformulated gasoline (RBOB) also edged downward during Monday’s trading. The July RBOB contract lost three cents to settle at $1.74 per gallon.
Henry Hub natural gas failed to buck Monday’s trend set by the above benchmarks. The July gas contract fell five cents, settling at $2.40.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Oil Falls as US Inventories Increase
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- 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
- 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
- Standard Chartered Reiterates $94 Brent Call