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Oil Prices Daily Summary: Friday, July 24, 2020

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Oil Prices Daily

Energy Prices Summary – Friday, July 24, 2020

Crude Oil (CLU20): 41.29 (+.22)
Natural Gas (NGQ20): 1.808 (+.023)
Gasoline (RRQ20): 1.2848 (+.0262)
NY ULSD (HOQ20): 1.2563 (+.0022)

 


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Oil prices rose $.22 to settle at $41.29 in a somewhat directionless week, yet the up-trend has been maintained and new highs put up.

The weekly crude oil chart below helps take out some of the daily noise to show a narrow-ranged but slowly upward ticking market with higher highs and higher lows over the last four weeks.

However, traders seem reluctant to bite too hard on any piece of economic or coronavirus news as the headlines shift day to day.

Have a great weekend everyone!

 

clu20weekly072420

Top Oil Price News Headlines

+ Oil up on strong economic data; US China tensions cap gains – Reuters

+ Schlumberger eyes deeper cuts as oil rout triggers $3.7 billion charge – Reuters

+ China pushes energy reform with pipeline deals – WSJ

+ ‘It’s going to be brutal’: What to expect as oil and gas majors unveil second-quarter results – CNBC

ConocoPhillips will report earnings on July 30, with Exxon Mobil and Chevron expected to follow on July 31.

+ Frac is back – Rigzone

U.S. fracking is set for its first monthly rise this year, according to a new Rystad Energy analysis.

 

Crude Oil Settlements

Sept 20 (CLU20) 41.29 (+.22)
Oct 20 (CLV20) 41.45 (+.24)
Dec 20 (CLZ20) 41.82 (+.31)
Dec 21 (CLZ21) 43.50 (+.51)

 

Crude Oil Price Spreads

CLU20 / CLV20:  -.16
CLU20 / CLZ20:  -.53
CLZ20 / CLZ21:  -1.68

 


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Daily Crude Oil Price Chart

clu20daily072420

Intraday Crude Oil Price Chart

clu20intraday072420


Oil Price Resources

+ CME

+ EIA Weekly Petroleum Status Report

+ OPEC Monthly Oil Market Report

+ NatGasWeather

+ Commodity Research Group Podcast

 



Learning Resources

Want to learn more about concepts related to oil trading, financial contracts, hedging, and commodity price volatility?  Here are some resources that are available to learn more:

+ Crude Oil Futures Contracts

+ Contango vs Backwardation

+ Hedging and Financial Contracts

+ Oil 101 – Introduction to Supply, Trading, & Transportation (Member-Only Content)

+ What is the difference between Upstream and Downstream?

 


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Written by Doug Stetzer · Categorized: Oil Prices Daily · Tagged: crude oil prices, oil prices, oil prices daily

Recommended Reading:

Daniel Yergin's upcoming book release: The Prize: The definitive book on the modern history of oil: The Frackers: An informative and entertaining history of how fracking changed the oil and gas industry: Rigged: The True Story of an Ivy League Kid Who Changed the World of Oil, from Wall Street to Dubai

About Doug Stetzer

Doug Stetzer is Vice President of Content and Community for EKT Interactive.

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