Crude oil, gasoline futures higher on session

Crude oil prices were up again on Monday after declining during Friday’s session. Several news items worked to send prices higher, helped by the sentiment that the losses last week were too large. The Iranian oil minister reiterated the position of the Organization of Petroleum Exporting Countries that crude oil supplies are plentiful and there is therefore no need for OPEC to raise production quotas. In addition, Saudi Arabia told its European and Asian customers that July shipments will remain 10 percent below contract specifications. In addition, there were reports that there were problems at three different refineries in Texas late last week and over the weekend.

July contracts for Brent crude added 49 cents to $69.09 per barrel on the Intercontinental Exchange in London. Meanwhile, West Texas Intermediate crude for July delivery was up 88 cents to $65.64 per barrel on the New York Mercantile Exchange. Nymex July gasoline was 3.09 cents higher to $2.158 per gallon and heating oil added 2.12 cents to $1.92 per gallon. Natural gas was 3.2 cents higher to $7.695 per 1,000 cubic feet.

Despite the increases in crude oil and gasoline futures, however, at-the-pump prices in the United States was down to an average of $3.081 per gallon. That is 15 cents lower than its peak at the end of May. Some prices in some localities are down as much as 25 to 30 cents per gallon from their highest level.