Nymex Overview: Petroleum Futures Bounce Back from Early Selling Spree — OPIS

Crude and refined product futures fell on modest selling pressure to flirt with some key support levels, but the complex managed to register moderate gains.

Most-active December Brent crude oil benchmarks traded as low as $71.26/bbl and front-month November West Texas Intermediates dropped to $67.57/bbl in the early session before both contracts caught a bid Monday.

December Brent was up around 90cts/bbl at $72.45/bbl, and November WTI increased by 90cts/bbl to $68.90/bbl.

Crude contracts are supported as it appears to be taking longer for Libyan output to be restored. A lack of restoration of exports there was deemed a factor in supporting the energy complex.

Refined products boasted gains of 2.5-3.5cts/gal in the Monday morning session.

There was very little action in front-month October futures, which are set to expire Monday. The most-active November RBOB was up around2.45cts/gal at $1.9515/gal while December and January both showed increases of around 2.25cts/gal.

Physical prices for gasoline were mixed.

Chicago has seen some refinery restarts and spot numbers have tumbled by more than 16cts/gal. Outsized basis premiums were witnessed for much of September but gasoline fetched a premium of just 5cts/gal over futures at around midday Monday. New York, the Gulf Coast and the West Coast all saw spot increases of 2.5-3.5cts/gal.

On Monday, EIA data showed it has once again revised gasoline higher as it publishes the monthly digest for July fuel. The agency reported a 9.297 million b/d implied demand figure which bested its weekly estimates by 128,000 b/d. The October ULSD contract added 2.75cts/gal to $2.16/gal and the more active November contract rose 2.65cts/gal to $2.1775/gal.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

 
   -- Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Frank Tang,   ftang@opisnet.com 
 

(END) Dow Jones Newswires

September 30, 2024 12:58 ET (16:58 GMT)

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