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Petroleum

Crude Futures Prices Drift Down Amid Expiration of Options Contract

Strategic Insights

— 1 min read

Crude futures prices slid on Friday, July 18, pulled down by the expiration of the July crude options contract. Despite hitting a daily low of $18.55, July crude prices on the New York Mercantile Exchange (Nymex) recovered to settle down 11 cents at $18.80 per barrel. The cash market also recovered from daily lows as refiners searched for supplies, but still lost 10-15 cents due to Nymex losses. Gasoline on Nymex softened, falling 0.04 cents to settle at 60.80 cents per gallon, while the July gasoline/crude crack spread remained firm at $6.73 per barrel.

Key Takeaways:

  • Crude futures prices on the New York Mercantile Exchange (Nymex) settled down 11 cents at $18.80 per barrel.
  • The cash market lost 10-15 cents due to Nymex losses, despite recovering from daily lows.
  • Gasoline on Nymex fell 0.04 cents to settle at 60.80 cents per gallon.
  • The July gasoline/crude crack spread remained firm at $6.73 per barrel.
  • A New York-based trader predicted gasoline prices could sink to 59 cents per gallon next week.
  • Cash gasoline prices in the Midcontinent slipped on excess supply.
  • Chicago unleaded traded 0.5 cents-1 cent under the July Nymex contract for the first time in weeks.
  • Gasoline imports from Europe shed 20-25 cents per barrel due to weakening demand and strong supply from refineries.
  • Eurograde shipments traded down to $22.71 per barrel f.o.b. due to a tight trans-Atlantic spread and gasoline surplus in Europe.

Statistics:

  • Crude futures prices on Nymex settled at $18.80 per barrel.
  • The cash market lost 10-15 cents.
  • Gasoline on Nymex fell 0.04 cents to settle at 60.80 cents per gallon.
  • The July gasoline/crude crack spread remained at $6.73 per barrel.
  • Gasoline imports from Europe shed 20-25 cents per barrel.
  • Eurograde shipments traded down to $22.71 per barrel f.o.b.

Sources:

  • "Nymex crude futures settle $1.80 lower" (Source not available, as the article does not provide the specific source for this statement)
  • New York Mercantile Exchange (Nymex)
  • International Petroleum Exchange (IPE)
  • Singapore International Monetary Exchange (Simex)

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