Current Oil and Gas Prices Increase for the First Time in Weeks

The current oil prices reflect a first-time sustained rise in over two weeks. In the meantime, gas prices today have increased to their peak level since the early parts of June.

The per barrel oil price has risen by almost 20% since reaching a low of almost $77.69 in the latter parts of June. That meant higher gasoline prices for drivers during the driving season in the summer.

Retail gas has gained almost $0.29 since the 1st of July to reach an average gas price today that is almost $0.10 higher compared to last year.

Gasoline price gained $0.05 during the most recent weekend to reach an average per gallon of $3.619, said the Wright Express, AAA and OPIS.

The current oil prices in the NYMEX gained $0.80 to end at $92.20 a barrel. In London, the per barrel oil price of Brent moved higher by $0.61 to finish at $109.55.

The current oil price increase followed a huge surge in the past week by about 5% following a report from the U.S. government that job growth sharply increased last month. The report led to more optimism that the U.S. economy is headed to the right direction. The increase in hiring in the past month was far more than the expectations of analysts and it marked the largest growth since the month of February. Despite these optimistic figures, the amount of jobs created was not sufficient to dissuade investors of the hope of further aggressive Fed actions.

Elsewhere in the energy markets, the price of wholesale gas lost $0.88 at $2.9222 per gallon. Heating oil gained $0.0148 at $2.9409 per gallon. The price of natural gas rose $0.031 at $2.908 per thousand cubic feet.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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