NYMEX Petroleum Prices on the Rise
- Petroleum futures rise due to EIA data and Mideast concerns
- Brent crude contracts up $2.01 at $78.49/bbl, WTI contracts up $2.16 at $75.36/bbl
- Alaska North Slope barrels commanding a $1.95/bbl premium to WTI futures
- Gasoline demand may see a lull but refinery downtime and export demand keep prices stable
- Possible tropical storm could impact Gulf of Mexico
- NYMEX September RBOB contract up 4.11cts at $2.3673/gal, ULSD contract up 6.08cts at $2.3566/gal
Petroleum futures have seen an increase in value due to supportive data from the Energy Information Administration (EIA) and ongoing concerns about potential conflict in the Mideast. Brent crude contracts experienced a boost, with the October contract rising by $2.01 to $78.49/bbl and the NYMEX September West Texas Intermediate contract up by $2.16 at $75.36/bbl. This has led some market analysts to believe that summer lows in crude futures were reached on Friday or Monday. Alaska North Slope barrels are performing well, with a premium of $1.95/bbl over WTI futures. The EIA’s data release indicated a potential decrease in gasoline demand but maintained stability due to refinery downtime and export demand. A possible tropical storm could impact the Gulf of Mexico next week. The NYMEX September RBOB contract increased by 4.11cts to $2.3673/gal, while ULSD contracts rose by 6.08cts at $2.3566/gal. Despite a reportedly tepid U.S. distillate demand last week, exports reached one of the highest levels on record at 1.5 million b/d.
Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about the petroleum market, including specific data from the Energy Information Administration, market trends, and relevant events such as a refinery fire in Arkansas. It also clearly states that it was created by Oil Price Information Service, which is operated by Dow Jones & Co., indicating a reliable source.
Noise Level: 3
Noise Justification: The article provides relevant information about the petroleum market, including specific data and trends in prices and demand. However, it lacks a broader context or analysis of long-term implications or consequences for various stakeholders.
Public Companies: Delek (DK), Dow Jones & Co. (N/A)
Private Companies: Oil Price Information Service
Key People: Tom Kloza (Reporter), Jeff Barber (Editor)
Financial Relevance: Yes
Financial Markets Impacted: Crude oil futures and related markets (Brent crude contracts, NYMEX September West Texas Intermediate contract, NYMEX September RBOB contract, NYMEX September ULSD contract)
Financial Rating Justification: The article discusses changes in petroleum futures prices and their impact on financial markets, specifically the crude oil futures market. It also mentions the influence of geopolitical events and weather conditions on these markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: No extreme event mentioned in the text
Move Size: No market move size mentioned.
Sector: Energy
Direction: Up
Magnitude: Medium
Affected Instruments: Stocks, Commodities
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