MARKET WATCH
NYMEX gasoline futures price rally provides support for oil prices

OGJ editors
HOUSTON, Dec. 24 -- Energy futures prices closed mixed on the New York Mercantile Exchange Tuesday with gasoline futures rallying. Crude oil futures climbed on the momentum associated with the climbing gasoline prices, traders said.

Unleaded gasoline for January delivery climbed 1.91¢ Tuesday to settle at 89.08¢/gal. That compared with Monday's trading session when gasoline futures plunged 3.52¢.

Gasoline futures provided support for heating oil, but the latter still declined slightly. Heating oil for January ended Tuesday's trading session at 89.20¢/gal, down by 0.21¢.

Iraq exports, production
On the international front, Iraqi Oil Minister Ibrahim Bahr al-Uloum told Reuters that his country still anticipates resuming pipeline exports early next year, despite ongoing sabotage attacks on its northern oil network.

"Sabotage is the challenge facing the Iraqi oil industry. Our cadres have the experience and capacity to overcome it," he said.

Stephen Smith Energy Associates of Natchez, Miss., issued a Dec. 23 research note saying that the pace of Iraqi oil production will continue to be the focus of the Organization of Petroleum Exporting Countries, oil traders, and other market participants going into early 2004.

Iraq's oil production has almost tripled in 4 months to 1.90 million b/d in November, Smith noted.

"Despite this strong Iraqi production ramp-up, and odds favoring more of the same in 2004, fourth quarter oil prices have been stronger than most observers expected at the start of the quarter," he said.

Other energy prices
The February contract for benchmark sweet, light crudes on NYMEX Tuesday gained 8¢ to $31.95/bbl. The increase came after the price settled on Monday down $1.15/bbl for the trading session. The March contract Tuesday rose by 5¢ to $31.57.

On the US spot market, West Texas Intermediate at Cushing, Okla., settled at $31.85/bbl Tuesday, down 13¢.

The January natural gas contract dropped 18.1¢ to $6.143/Mcf Tuesday, "as mild weather across much of the nation continued to pressure prices," Enerfax Daily analysts said Wednesday.

"Despite predictions for another shot of arctic air in early January, mild weather now and sluggish industrial demand during the Christmas and New Year's holidays helped crater both cash and futures prices this week," Enerfax analysts added.

Many manufacturing plants are shut down for 2 weeks during the holiday season, they noted.

In London, the February contact for North Sea Brent oil gained 5¢ to $29.04/bbl Tuesday on the International Petroleum Exchange. Gas oil for January delivery was $262.00/tonne, down $3.50/tonne. The January natural gas contract held steady at the equivalent of $5.80/Mcf on IPE.


Related Articles

PHMSA proposes pipeline accident notification regulations

07/02/2015 The US Pipeline and Hazardous Materials Safety Administration has proposed new federal oil and gas pipeline accident and notification regulations. ...

Quicksilver Canada gets LNG export approval

07/02/2015 Quicksilver Resources Canada Inc. has received approval from the National Energy Board of Canada to export 20 million tonnes/year of LNG from a pos...

FourPoint Energy to acquire Anadarko basin assets from Chesapeake

07/02/2015 FourPoint Energy LLC, a privately owned Denver company, plans to acquire oil and gas assets from Chesapeake Energy Corp. subsidiaries Chesapeake Ex...

Origin lets contract for Otway basin fields

07/02/2015 Origin Energy Ltd., Sydney, has let a $1.3 million (Aus.) contract to Wood Group Kenny for provision of a detailed engineering design for the onsho...

Puma Energy completes purchase of Murco’s UK refinery, terminals

07/02/2015 Singapore-based Puma Energy Group Pte. has completed its purchase of UK midstream and downstream assets from Murco Petroleum Ltd., a subsidiary of ...

BP to settle federal, state Deepwater Horizon claims for $18.7 billion

07/02/2015 BP Exploration & Production Inc. has agreed in principle to settle all federal and state claims arising from the 2010 Deepwater Horizon inciden...

MARKET WATCH: NYMEX oil prices plummet on crude inventory build, Iran deadline extension

07/02/2015 Oil prices plummeted more than $2/bbl July 1 to settle at a 2-month low on the New York market after a weekly government report showed the first ri...

API to issue recommended practice to address pipeline safety

07/01/2015 The American Petroleum Institute expects to issue a new recommended practice in another few weeks that addresses pipeline safety issues, but the tr...

Shell Midstream Partners takes interest in Poseidon oil pipeline

07/01/2015 Shell Midstream Partners LP has completed its acquisition of 36% equity interest in Poseidon Oil Pipeline Co. LLC from Equilon Enterprises LLC, a s...
White Papers

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by
Available Webcasts


Driving Growth and Efficiency with Deep Insights into Operational Data

When Wed, Aug 19, 2015

Capitalizing on today’s momentum in Oil & Gas requires operational excellence based on a clear view of what your business data is telling you. Which is why nearly half* of oil and gas companies have deployed SAP HANA or have it on their roadmap.

Join SAP and Red Hat to learn more about using data to drive process improvements and identify new opportunities with the SAP HANA platform running on Red Hat Enterprise Linux. This webinar will also show how your choice of infrastructure impacts the performance of core business applications and your ability to achieve data-driven insights quickly and reliably.

*48% use SAP, http://go.sap.com/solution/industry/oil-gas.html

register:WEBCAST



On Demand

OGJ's Midyear Forecast 2015

Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Predictive Analytics in your digital oilfield - Optimize Production Yield and Reduce Operational Costs

Tue, Jul 7, 2015

Putting predictive analytics to work in your oilfield can help you anticipate failures, plan and schedule work in advance, eliminate emergency work and catastrophic failures, and at the same time you can optimize working capital and improve resource utilization.  When you apply analytic capabilities to critical production assets it is possible to reduce non-productive time and increase your yield.

Learn how IBM's analytics capabilities can be applied to critical production assets with the goal of reducing non-productive time, increasing yield and reducing operations costs.

register:WEBCAST


Cognitive Solutions for Upstream Oil and Gas

Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


Emerson Micro Motion Videos

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