Crude Oil Futures for September settled up $2.17 @ $57.10/bbl trading in a $3.36 range including the overnight-RBOB settled up 7.12/cpg. and Heating Oil settled up 7.15/cpg.
As of Tuesday morning, NYMEX traded WTI futures are still down more than -4.5% or $3.13/bbl. so far this month on concerns that global demand will continue to slacken while economic growth continues to cool and could even decline
further if the U.S.-China trade dispute intensifies and lasts longer than analysts currently predict. That worry has kept a lid on prices even as Saudi Arabia and Russia have signaled that the OPEC-Plus alliance remains committed to output
cuts and as the kingdom indicates it may be prepared to do even more.
Natural Gas Futures for September settled up $0.042 @ $2.147/mmbtu trading in a .089 cent range including the overnight session.
According to industry analysts, the relentless decline in spot market prices for liquefied natural gas is pushing utilities in Japan to be more aggressive during price reviews that are commonly built into traditional long-term contracts linked to
oil and product prices. Advisors note that, utilities are also looking to buy more LNG on the spot market, where prices are skirting three-year lows and are around half the average contract import price for buyers in Japan-the world’s biggest
importer of the fuel for power generation and industrial use.