West Texas Intermediate crude for September delivery CL00,+1.47%CLU22,+2.47%. October Brent crude BRN00,-0.53%, the global benchmark, gained $1.73, or 1.8%, to settle at $96.65 a barrel. Back on Nymex, September gasoline RBU22,.08%gained 1.1% to end at $2.8862 a gallon, while September heating oil NGU22,-5.18%shed 1.3% to close at $3.1791 a gallon.

September natural gas NGU22,5.18%dropped 5.9% to end at $7.589 per million British thermal units. Oil futures tanked last week as fears over the potential for a global economic slowdown undercut demand expectations, analysts said. Market drivers include the U.S. dollar and China's economy.

China says exports grew 18% to $333 billion in July compared with the same month last year. Imports grew just 2.3% compared with a year ago, while the trade surplus hit an all-time high of $101.3 billion. A much stronger-than-expected July U.S. jobs report on Friday and China on Sunday.

Crude-oil stocks at Cushing, Oklahoma, the delivery hub for Nymex futures, rose to a two-month high last week. A premium for nearby oil futures over contracts for later delivery has faded, signaling that an earlier scramble for physical supply has eased. “A market that was concerned about the NymEX complex scraping tank bottoms just a few weeks ago is now comfortable,” analysts said.

Natural gas dropped on milder short-term weather forecasts, said Christin Kelley, senior commodity analyst at Schneider Electric. “NOAA’s 6 to 10-day forecast shows cooler-than-normal temperatures for most of the eastern U.S., which should help reduce cooling demand in mid-August,” Kelly wrote.
Posted by BI bizpoke
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