August crude oil prices trended lower throughout the session, weighed down by rising Spanish borrowing costs and a weaker than expected read on June US Non Farm Payrolls. Added downside pressure in the crude oil market came on talk that the oil workers strike in Norway could be nearing a resolution. A rally in the US dollar and weakness in global equity markets put added pressure on the global oil demand backdrop.
This morning's EIA natural gas storage report showed a smaller than expected weekly injection of 39 bcf. August natural gas garnered modest support in the moments following the report, but concerns that prices near the $3.00 level could reduce demand, relative to coal, pressured prices back below $2.80.
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