Nymex, WTI, and Brent: prices continue to rise

With the weekly US crude oil inventories report due on Wednesday, declines in gasoline stockpiles are expected again, and some analysts expect crude oil prices to rise again. Prices are also being helped higher by concerns that the system of refineries is being taxed beyond its limits under the burden of operating so close to full capacity in an attempt to meet demand, as unplanned closures for maintenance continue.

These concerns sent the price of Nymex September contract gasoline up 2.49 cents to $1.9870 per gallon on Tuesday after reaching as high as $2.0120 earlier in the day. These prices take the US refineries’ gross profit margins beyond $17 per barrel of gasoline refined.

West Texas Intermediate crude oil for September delivery was down 2 cents to $66.25 in early afternoon trading on the New York Mercantile Exchange, but had reached as high as $66.85 earlier in the day. January contracts traded at $68.50 per barrel, the highest of any WTI contract. The September contract expires at the end of the trading day on Wednesday.

Meanwhile, Brent crude on the International Petroleum Exchange closed 12 cents higher at $65.70 per barrel but hit $65.90 earlier in the day. The September contract expired at the end of trade on Tuesday. Brent crude October contracts were up 4 cents to $65.50 per barrel on the day.