Oil Prices Bounce Back | Gulf Coast Oil Rig Equipment & Repair
One day after interrupting a three-trading-day rally, West Texas Intermediate (WTI) and Brent crude oil prices returned to net positive territory.
September WTI futures gained 14 cents Thursday, settling at $56.02 per barrel. The benchmark peaked at $56.99 and bottomed out at $55.86.
Brent crude oil for September delivery also edged upward, adding 21 cents to end the day at $63.39 per barrel.
Oil prices closed higher amid the release of in major economies. On Wednesday, traders but later factored in Hurricane Barry’s outsized effect on oil stocks.
On a broader geographical level, worldwide oil inventory draws have stabilized over the past week, according to . In its latest weekly commentary Thursday, the firm states that global inventory draws amounted to a “modest” 3 million barrels over the past week – . Orbital Insight also reports a 25.25-million-barrel draw worldwide for the past 30 days but a 114.24-million-barrel build year-to-date.
The price of reformulated gasoline (RBOB) moved in the same direction of the crude benchmarks Thursday. The August RBOB contract settled at $1.88 per gallon, reflecting a 2.5-cent increase.
Henry Hub natural gas also finished the day higher, gaining two cents to settle at $2.24.
Senior Editor | Rigzone