Oil Prices Finish Higher
The West Texas Intermediate (WTI) oil price inched upward Thursday and the Brent posted a more robust gain.
The October WTI contract price added two cents Thursday to settle at $58.13 per barrel. The light crude marker traded within a range from $58.01 to $59.54.
November Brent futures ended the day at $64.40 per barrel, reflecting an 80-cent gain.
Thursday’s oil price movements end two consecutive trading days of declines in the wake of Monday’s nearly 15-percent rally in response to the attack on Saudi Aramco’s Abqaiq oil processing plant the previous day. Bloomberg reported earlier Thursday that Saudi Arabia and the International Energy Agency (IEA) managed to ease oil market fears of a prolonged supply disruption.
An analyst with S&P Global Platts appears to greet recent Saudi assurances to the market with a certain degree of skepticism.
“Details are still murky, but given the apparent damage and reports that workers have just recently been let into Abqaiq, we continue to believe that Saudi Arabia is downplaying the extent of the disruption and doing everything they can to keep supplies stable, markets balanced and tensions tamped down,” Shin Kim, S&P Global Platts Analytics head of supply and production, said in a written statement emailed to Rigzone.
The reformulated gasoline (RBOB) moved in benchmark moved in the same direction as crude oil during Thursday’s trading. October RBOB gained four cents, settling at $1.70 per gallon.
Henry Hub natural gas for October delivery faltered for the third straight trading day, losing 10 cents to close at $2.54.
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