Market watch: Crude oil and refined products drop


By OGJ editors
HOUSTON, Nov. 26 -- Crude oil and refined products futures prices fell on the New York Mercantile Exchange Monday, with a steep dive in gasoline prices taking down the rest of the energy complex. Traders said the market lacked any bullish news.

Futures prices were expected to rebound somewhat Tuesday upon anxiety about whether the return of the United Nations' weapons inspectors to Iraq will be successful. The arms experts are slated to begin looking for weapons of mass destruction Wednesday.

A UN resolution demands that Iraq disarm or face military consequences. Baghdad has said it will comply with the resolution and will give inspectors unlimited access to suspected weapons sites.

The January contract for benchmark US light, sweet crudes declined 65¢ to $26.11/bbl Monday on the New York Mercantile Exchange, while the February position was down 60¢ to $26.05/bbl.

Unleaded gasoline for December delivery declined 3.32¢ to 71.55¢/gal on NYMEX. Heating oil for the same month also ended lower, falling 1.60¢ to 75.04¢/gal.

Natural gas for December delivery held steady from the previous day's trading close at $4.26/Mcf.

In London, the January contract for North Sea Brent oil lost 54¢ to $24.67/bbl Monday on the International Petroleum Exchange. The day's high was $24.78/bbl and the low was $24.05/bbl. However, the price for the December gas contract on IPE continued its earlier decline to the equivalent of $3.38/Mcf, which also reflected a falling currency exchange rate.

The average price for OPEC's basket of seven benchmark crudes decreased by 29¢ to $24.97/bbl Monday.

Related Articles

EIA: Companies’ global upstream spending flat in 2013

04/25/2014 According to annual reports from 42 international oil and natural gas companies that have reported data on upstream expenditures since 2000, total ...

MARKET WATCH: NYMEX crude oil prices drop on high inventory numbers

04/24/2014 Crude oil futures prices dropped modestly on the New York market on Apr. 23 following the release of a government report showing the highest oil in...

MARKET WATCH: US oil futures fall more than $2/bbl awaiting inventory report

04/23/2014 Crude oil futures fell more than $2/bbl on the New York market during Apr. 22 trading while analysts awaited the Apr. 23 release of a weekly US gov...

E&Y: North American oil, gas industry staves off geopolitical strife in 1Q

04/22/2014 The North American oil and gas market started the year on a good note during the first quarter as a cold winter brought relief to producers and ref...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected