Energy Prices Summary – Wednesday, July 29, 2020
Crude Oil (CLU20): 41.27 (+.23)
Natural Gas (NGQ20): 1.854 (+.054)
Gasoline (RRQ20): 1.2415 (-.0241)
NY ULSD (HOQ20): 1.2533 (+.0112)
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Oil prices held only slightly positive by $.23 despite a large draw in crude oil inventories as the markets continue their sideways, range bound trading.
If there was anything of note, it was that gasoline prices ended lower while everything else ended positively. However, as the chart below shows, it is also drifting in the middle of a range between $1.300 and $1.200.
Top Oil Price News Headlines
“The expectation is that the OPEC cuts are going to lead to bigger draws in the United States and this could be the beginning of it,”
+ Oil edges up after sharp US crude inventory drop – Reuters
“U.S. petroleum consumption fell from 20.1 million barrels per day (b/d) in April 2019 to 14.7 million b/d in April 2020, a 27% decrease and the lowest monthly petroleum consumption in the United States since May 1983.”
+ Weekly Petroleum Status Report – EIA
+ US Petroleum Balance Sheet – EIA
Crude Oil Settlements
Sept 20 (CLU20) 41.27 (+.23)
Oct 20 (CLV20) 41.54 (+.26)
Dec 20 (CLZ20) 42.04 (+.30)
Dec 21 (CLZ21) 43.88 (+.23)
Crude Oil Price Spreads
CLU20 / CLV20: -.27
CLU20 / CLZ20: -.77
CLZ20 / CLZ21: -1.84
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Daily Crude Oil Price Chart
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Oil Price 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:
+ Oil 101 – Introduction to Supply, Trading, & Transportation (Member-Only Content)
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