Crude Oil Futures Prices Edge Lower Amid Technical Movements

Strategic Insights -

Crude oil futures prices edged slightly lower on a quiet Thursday in New York, guided by technical movements and profit-taking. The July light, sweet crude on the New York Mercantile Exchange (Nymex) fell 18 cents to settle at $17.17/bbl. Many traders had already bowed out ahead of the Memorial Day weekend, keeping trading light during the half-day session. Meanwhile, the National Oceanographic and Atmospheric Administration (NOAA) released its first-ever hurricane outlook, predicting an increased chance for greater-than-average hurricane activity this summer. NOAA attributed the prediction to lingering effects from La Nina, which could lead to a more intense tropical season.

Key Takeaways:

  • Crude oil futures prices edged lower, driven by technical movements and profit-taking, with July light, sweet crude on the Nymex falling 18 cents to settle at $17.17/bbl.
  • Profit-taking and the Memorial Day weekend contributed to the light trading volume, with many traders already bowing out ahead of the holiday.
  • The National Oceanographic and Atmospheric Administration (NOAA) released its first-ever hurricane outlook, predicting an increased chance for greater-than-average hurricane activity this summer.
  • NOAA attributed the prediction to lingering effects from La Nina, which could lead to a more intense tropical season.
  • North Sea Brent crude suffered an 11 cents loss to end the day at $15.36 cents/gallon on the International Petroleum Exchange in London.
  • Nymex June gasoline was unchanged at 49.90 cents/gallon, after surrendering early gains, while the July contract slipped 0.08 cents to 50.23 cents/gallon.
  • The power outage at Exxon Corp.'s 411,000 b/d Baytown, Texas, refinery had a limited impact on prices, as operations returned to normal after power was restored.
  • Natural gas markets cited forecasts of warmer weather next week as a reason for the 4-3 cent increase in spot prices in Louisiana and South Texas, respectively.
  • The Nymex Henry Hub trading as the front-month contract rose 3.8 cents to close at $2.282/MMBtu on the first day of July.

Statistics:

  • Crude oil futures prices fell 18 cents to settle at $17.17/bbl on the Nymex.
  • North Sea Brent crude lost 11 cents, settling at $15.36 cents/gallon on the International Petroleum Exchange in London.
  • Nymex June gasoline prices were unchanged at 49.90 cents/gallon.
  • The July Nymex gasoline contract slipped 0.08 cents to 50.23 cents/gallon.
  • Natural gas prices increased 4 cents in Louisiana and 3 cents in South Texas.
  • The Nymex Henry Hub trading as the front-month contract rose 3.8 cents to close at $2.282/MMBtu on the first day of July.

Sources:

  • "Bereft of fresh news, crude oil futures prices edged slightly lower on a quiet Thursday in New York..." - Unnamed source.
  • National Oceanographic and Atmospheric Administration (NOAA).