Crude oil futures were modestly higher ahead of midday Tuesday, while refined product contracts were trading on either side of unchanged.

Crude futures were up marginally as traders aren't chasing headlines while tensions in the Mideast remain elevated. Equities were also higher at midday, recovering from some of Monday's sharp selloff and that likely has provided a tailwind for oil values.

The Nymex September West Texas Intermediate contract was up by 69cts to $73.63/bbl shortly before noon ET 69cts. That left them about $1/bbl below the overnight high. The October Brent contract was 54cts higher at $76.84/bbl, down from an early Tuesday high of $77.85/bbl.

Refined product futures also began to catch a bit more buying. Nymex ULSD contracts were up by more than 1ct at midday, after giving back some morning gains within the last hour or so. The September ULSD contract was up by 0.72ct to $2.3055/gal. In overnight trading the contract was posting gains of more than 4cts/gal.

U.S. cash diesel prices were mostly moving higher, except for Chicago, where values were off by 6cts/gal. Los Angeles CARB diesel is the lowest priced in the country at below $2.20/gal, leaving diesel prices there barely $13/bbl above the price of Alaska North Slope crude.

Nymex gasoline futures were posting light gains of about 0.4ct/gal, leaving the September RBOB contract at $2.3373/gal, down from an overnight peak of $2.37/gal.

Most U.S. cash gasoline markets were tracking futures, Gulf Coast spot values were down a little more than 1ct/gal on wider discounts to the Nymex.

Brief interruptions at loading racks in Florida and Southwest Georgia have been resolved and market sources said lifting is available once again as Tropical Storm Debby caused limited damage.


This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.


--Reporting by Denton Cinquegrana, dcinquegrana@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com


(END) Dow Jones Newswires

08-06-24 1258ET