Crude oil futures closed higher on Monday (31st), giving U.S. benchmark WTI crude futures its biggest monthly gain since January 2022, while global benchmark Brent futures posted its biggest monthly gain since May last year.
Energy Commodity Prices West Texas Intermediate (WTI) crude futures for September delivery rose $1.22, or 1.5%, to settle at $81.80 a barrel, the highest close since April 14, 2022, after closing up 15.8% in July. Delivered in SeptemberBrent Crude Oil (Brent) futures rose 57 cents, or 0.7%, to $85.56 a barrel, after closing up 14.2% in July, which expired today. delivery in octoberBrent Crude Oil (Brent) futures rose $1.02, or 1.2%, to $85.43 a barrel, the most actively traded futures. Gasoline futures for August delivery fell 0.9% to settle at $2.929 a gallon, after finishing July up 11.2%, the biggest monthly gain since last October. delivered in augustHot Fuel FuturesPrices rose 1.1 percent to settle at $2.991 a gallon, after closing 22.2 percent higher in July, the biggest monthly gain since last October. Natural gas futures for September delivery fell 0.2% to settle at $2.634 per million Btu after falling 5.9% in July.market drivers
WTI and Brent Crude OilFutures prices rose for five consecutive weeks, allowing WTI oil prices to turn positive so far this year and Brent oil prices to limit their year-to-date losses to about 1%.
Crude prices have found a firm footing as markets expect a deficit in the second half of the year as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, cut supply. Analysts said investors were keen to know whether Saudi Arabia would carry through to September a voluntary 1 million barrel-a-day cut in output it had begun in July.
Meanwhile, resilient economic data boosted crude oil and gasoline futures last week, which hit 2023 highs.
“While the world continues to look to the U.S. to respond to production cuts by Saudi Arabia and Russia, drilling activity suggests that U.S. producers are in no rush to fill the gap, which is a sign that U.S. producers are in no rush to fill the gap,” said Robbie Fraser, global research and analysis manager at Schneider Electric. Paving the way for the prospect of sustaining undersupply in the near term.”
“Furthermore, while recession fears have not dissipated, most surveys of economists and indicators of consumer confidence point to improving conditions, which would normally support higher demand for discretionary categories such as gasoline and jet fuel. .”
2023-07-31 22:02:46
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