Front Month Nymex Crude for Sept. delivery gained 51 cents per barrel, or 0.71% to $72.07 this week. --Largest one week net and percentage gain since the week ending July 2, 2021. --Snaps a two week losing streak.
Front Month Nymex Natural Gas for Aug. delivery gained 38.60 cents per million British thermal units, or 10.51% to$ 4.0600 per million British thermal units this week. --Largest one week gain since the week ending Aug. 7, 2020. --Largest one week percentage gain since the week ending Feb. 5, 2021.
U.S. energy firms added oil and natural gas rigs for a fourth week in a row for the first time since May, spurred by higher oil prices although growth in drilling has been modest as producers favor spending austerity.
Indian conglomerate Reliance Industries Ltd reported a 58% jump in quarterly revenue on Friday, led by a strong show at its dominant oil and gas business. India's most valuable company, which operates the world's biggest refining complex at Jamnagar in western India, benefited from a sharp increase in product prices on the back of higher crude prices.
Flooding has damaged a bridge on Russia's Trans-Siberian railway in its Far East, suspending traffic in the area, officials said on Friday, and President Vladimir Putin said full track repair would take five days. The world's longest railway is a strategic transportation artery for the Russian economy, taking not just passengers but commodities such as oil, timber and coal between Europe and Asia.
Front Month ICE Brent Crude for Sept. delivery gained $1.56 per barrel, or 2.16% to $73.79 today. --Up for three consecutive sessions. --Up $5.17 or 7.53% over the last three sessions.
Front Month Nymex Crude for Sept. delivery gained $1.61 per barrel, or 2.29% to $71.91 today. --Up for three consecutive sessions. --Up $5.49 or 8.27% over the last three sessions.
Front Month Nymex Natural Gas for Aug. delivery gained 4.40 cents per million British thermal units, or 1.11% to$ 4.0030 per million British thermal units today. --Up for five consecutive sessions. --Up 38.90 cents or 10.76% over the last five sessions.
WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were sharply lower at midday Thursday, following declines in the Chicago soy complex. However, prices have pulled away from earlier lows. There were also losses in European rapeseed as well as in most Malaysian palm oil futures, except its nearby August contract, which was higher.
Front Month ICE Brent Crude for Sept. delivery gained $2.88 per barrel, or 4.15% to $72.23 today. --Largest one day dollar and percentage gain since Wednesday, April 14, 2021. --Up for two consecutive sessions.
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