Crude Oil Futures Prices Remain Steady Amid Low Trading Before Labor Day

Strategic Insights -

In the week preceding the Labor Day holiday, crude oil futures prices remained relatively unchanged, while distillate fuel oil futures rose and gasoline futures fell. The trading was characterized as extremely light, with many players squaring positions as early as Thursday and international trading experiencing reduced activity due to lower U.S. participation. The London's International Petroleum Exchange (IPE) will close early on Monday due to the absence of U.S. trading.

Key Takeaways:

  • Crude oil futures prices inched up 5 cents to $17.52/bbl and $16.32/bbl for West Texas Intermediate and North Sea Brent, respectively.
  • Number 2 heating oil futures rose 0.44 cents to 49.72 cents/gallon, while unleaded regular gasoline futures fell as low as 47.60 cents/gallon.
  • The oil companies cut wholesale prices for unleaded regular by 0.53 cents to 58.43 cents/gallon and raised wholesale prices on low-sulfur diesel by 0.33 cents to 55.12 cents/gallon.
  • October natural gas futures declined 3.6% to $1.56/MMBtu with the onset of cooler weather over much of the country.
  • The WTI-Brent spread was unchanged at $1.20/bbl, making it less attractive for U.S. buyers to import crudes tied to Brent.

Statistics:

  • Crude oil futures prices rose 5 cents to $17.52/bbl and $16.32/bbl for West Texas Intermediate and North Sea Brent, respectively.
  • Number 2 heating oil futures rose 0.44 cents to 49.72 cents/gallon.
  • Unleaded regular gasoline futures fell 0.15 cents to 48.25 cents/gallon.
  • The oil companies cut wholesale prices for unleaded regular by 0.53 cents to 58.43 cents/gallon.
  • October natural gas futures declined 3.6% to $1.56/MMBtu.
  • The WTI-Brent spread was unchanged at $1.20/bbl.

Sources:

  • The Oil Daily in cooperation with Computer Petroleum Corp.
  • London's International Petroleum Exchange (IPE)
  • Nigerian oil ministry
  • Royal Dutch/Shell Group