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Oil edges higher after economic reports
Source: Agencies |
July 31, 2010, Saturday
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ENERGY prices settled higher yesterday on a day of uneven trading after the government said the US economic recovery slowed during the second quarter as consumers conserved their money.
Benchmark crude for September delivery added 59 cents to settle at US$78.95 a barrel on the New York Mercantile Exchange.
Benchmark crude began the month just shy of US$73 a barrel.
"I think we saw a lot of positioning because of the end of the month, end of the week," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "It's just a choppy, see-saw trade."
The Commerce Department said the US economy grew 2.4 percent in the April-to-June period, which was the slowest pace in nearly a year.
The report comes on the heels of mixed economic data that has been released in the past month. Oil supplies remain ample with slight improvement in demand.
Yet oil prices have remained "remarkably resilient," Cameron Hanover consultants stated in a report.
"We have a market that is having a hard time moving lower - or we have a market artificially propped up at high prices and just ready to collapse," the report said. "Either way, the upside does seem limited."
In other Nymex trading, heating oil for August delivery added 0.55 cent to settle at US$2.0427 a gallon. Because that contract expires yesterday, much of the trading has moved to the September contract, where the price rose 1.85 cents to US$2.0881 a gallon.
The August contract for gasoline, which also expires yesterday, gained 0.92 cent to US$2.1066 a gallon. The September contract rose 2.14 cents to US$2.1224 a gallon.
Natural gas for September delivery added 9.6 cents to US$4.923 per 1,000 cubic feet.
Brent crude settled up 59 cents at US$78.18 a barrel on the ICE futures exchange.
Benchmark crude for September delivery added 59 cents to settle at US$78.95 a barrel on the New York Mercantile Exchange.
Benchmark crude began the month just shy of US$73 a barrel.
"I think we saw a lot of positioning because of the end of the month, end of the week," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "It's just a choppy, see-saw trade."
The Commerce Department said the US economy grew 2.4 percent in the April-to-June period, which was the slowest pace in nearly a year.
The report comes on the heels of mixed economic data that has been released in the past month. Oil supplies remain ample with slight improvement in demand.
Yet oil prices have remained "remarkably resilient," Cameron Hanover consultants stated in a report.
"We have a market that is having a hard time moving lower - or we have a market artificially propped up at high prices and just ready to collapse," the report said. "Either way, the upside does seem limited."
In other Nymex trading, heating oil for August delivery added 0.55 cent to settle at US$2.0427 a gallon. Because that contract expires yesterday, much of the trading has moved to the September contract, where the price rose 1.85 cents to US$2.0881 a gallon.
The August contract for gasoline, which also expires yesterday, gained 0.92 cent to US$2.1066 a gallon. The September contract rose 2.14 cents to US$2.1224 a gallon.
Natural gas for September delivery added 9.6 cents to US$4.923 per 1,000 cubic feet.
Brent crude settled up 59 cents at US$78.18 a barrel on the ICE futures exchange.
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