Oil Prices Edge Downward
West Texas Intermediate (WTI) and Brent crude oil prices posted declines for the first trading day of the week.
The WTI for October delivery lost 53 cents Monday, settling at $53.64 per barrel. The light crude marker traded within a range from $52.96 to $55.26.
The October Brent price ended the day at $58.70 per barrel, reflecting a 64-cent decline.
Oil price declines had moderated Monday after President Trump told reporters that China expressed a willingness to resume trade negotiations with the United States, states a Bloomberg report posted to Rigzone earlier in the day.
Tom McNulty, Houston-based managing director with Great American Group, commented that the parallels between oil prices and perceptions about U.S./China trade developments are predictable.
“Up-down, up-down,” McNulty said. “If it looks like Trump and (Chinese President) Xi are going to make a deal, we pick up a dollar or two. If it looks like they are not are not getting there on trade, then we drop a dollar or two.”
McNulty remarked that the emphasis on interpretations about U.S./China trade overshadows a more consequential topic in regard to the oil market.
“The real substantive story is that North America will continue to increase production of all energy commodities and products and continue to take market share,” he said.
The price movement of reformulated gasoline (RBOB) followed that of crude oil. September RBOB futures shed nearly three cents to settle at $1.62 per gallon.
Posting its first day-on-day gain since August 20 was Henry Hub natural gas. The September gas benchmark added eight cents to close at $2.23.
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