Modest Increase in Petroleum Futures amid Geopolitical Tensions
- Crude oil futures modestly higher ahead of midday Tuesday
- Tensions in the Mideast remain elevated
- Equities recovering from Monday’s sharp selloff providing tailwind for oil values
- Nymex September WTI contract up by 69cts to $73.63/bbl
- October Brent contract up by 54cts at $76.84/bbl
- Nymex ULSD contracts up by 0.72cts to $2.3055/gal
- U.S. cash diesel prices mostly higher, except for Chicago
- Tropical Storm Debby caused limited damage in Florida and Southwest Georgia
- Oil Price Information Service created this content
Crude oil futures experienced a modest increase on Tuesday, as traders remained cautious despite elevated tensions in the Middle East. The recovery of equities from Monday’s sharp selloff also provided support for oil values. The Nymex September West Texas Intermediate contract rose by 69cts to $73.63/bbl, while the October Brent contract increased by 54cts to $76.84/bbl. Refined product futures saw some buying activity, with the September ULSD contract up by 0.72cts to $2.3055/gal. US cash diesel prices were mostly higher, except in Chicago where they fell by 6cts/gal. Tropical Storm Debby caused brief interruptions at loading racks in Florida and Southwest Georgia but resulted in limited damage.
Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about the current state of crude oil futures and refined product contracts, including specific prices and market movements. It also mentions recent events such as tensions in the Mideast and Tropical Storm Debby, which could have an impact on these markets. The article is free from sensationalism or personal opinions, and presents information in a clear and concise manner.
Noise Level: 3
Noise Justification: The article provides relevant information about the current state of crude oil and refined product contracts, but it lacks in-depth analysis or exploration of long-term trends or possibilities. It also does not hold powerful people accountable or explore consequences of decisions on those who bear risks. While it stays mostly on topic, it could benefit from more evidence or data to support its claims. The overall noise level is low, but there’s room for improvement in terms of providing actionable insights and new knowledge.
Public Companies: Dow Jones & Co. (N/A)
Private Companies: Oil Price Information Service
Key People: Denton Cinquegrana (Reporter), Jeff Barber (Editor)
Financial Relevance: Yes
Financial Markets Impacted: Crude oil futures, refined product contracts, Nymex September West Texas Intermediate contract, October Brent contract, Nymex ULSD contracts, Nymex gasoline futures
Financial Rating Justification: The article discusses changes in crude oil and refined product prices, which directly impact financial markets and companies involved in the oil industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.
Move Size: No market move size mentioned.
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