Oil Prices Slide Again
West Texas Intermediate (WTI) and Brent crude oil finished lower for the second straight trading day.
September WTI futures shed 76 cents Thursday to settle at $54.47 per barrel. The light crude benchmark traded within a range from $53.77 to $55.33.
Also finishing lower was the October Brent, which lost $1.25 to end the day at $58.23 per barrel.
As a Bloomberg article posted earlier to Rigzone notes, crude oil has been saddled by concerns about a slump in global demand stoked by lackluster economic data from China and Germany as well as “‘recessionary alarm bells.’” This week’s realization that the 10-year U.S. Treasury Note yield had fallen below that of the two-year Treasury Note yield heightened fears of a recession, Steve Blair with the RCG Division of Marex Spectron told Rigzone on Wednesday.
Following the pattern of oil prices, the reformulated gasoline (RBOB) contract declined during Thursday’s trading. September RBOB settled at $1.64 per gallon, reflecting a four-cent loss.
Bucking the trend set by the above commodities, Henry Hub natural gas for September delivery posted a solid gain. Gas futures added nine cents to close at $2.23.
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