MARKET WATCH
Energy futures prices drop across board Tuesday

By OGJ editors
HOUSTON, May 26 -- Energy futures prices declined on the New York Mercantile Exchange Tuesday upon traders' expectations that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will increase oil production.

Meanwhile, the European Union's group on the security of oil supply met Wednesday in Brussels to assess strategic oil stocks.

European Commission Vice-Pres. Loyola de Palacio called for more international cooperation and increased flexibility regarding oil supplies. Oil price stability hinges upon cooperation between oil-producing nations and oil-consuming nations, she said.

"Oil price movements for the last months have provided a new wake-up call. It is not possible to separate domestic policies from their international implications, and we must intensify cooperation between consumers and producers," she said.

Energy prices
The July contract for benchmark US light, sweet crudes slipped 58¢ to $41.14/bbl Tuesday on the New York Mercantile Exchange. The August contract lost 56¢ to $40.68/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., dropped 75¢ to $41.13/bbl.

Gasoline for June delivery plummeted 4.13¢ to $1.4165/gal Tuesday on NYMEX, while heating oil for the same month lost 2.13¢ to $1.0273/gal.

The June natural gas contract lost .021¢ to $6.684/Mcf. Enerfax Daily analysts said natural gas futures were "pressured by a sharp slide in crude oil and some technical selling when an early attempt to move up stalled despite a strong cash market."

The June NYMEX contract expires Wednesday, they added. NYMEX will be closed Friday afternoon and Monday for the Memorial Day holiday.

In London, the July contract for North Sea Brent crude also dropped on the International Petroleum Exchange. On Tuesday, IPE July Brent lost 73¢ to $37.44/bbl.

Gas oil for June delivery declined by $8.75 to $323.22/tonne, while the June natural gas contract held steady at the equivalent of $3.90/Mcf on IPE.

The average price for OPEC's basket of seven benchmark crudes gained 31¢ to $37.36/bbl Tuesday.

Related Articles

BW Offshore confirms fatalities after FPSO vessel explosion

02/11/2015 Natural gas production has been halted following an explosion that occurred shortly after midday Feb. 11 onboard a floating production, storage, an...

PNR cuts capital spending nearly in half

02/11/2015 Pioneer Natural Resources Co. (PNR), Dallas, plans to spend $1.85 billion in 2015 following a fourth quarter in which the company reported a net in...

Study finds FLNG scheme ‘viable’ for Pandora field development

02/11/2015 A recent study has found that Cott Oil & Gas Ltd’s plans to use a floating LNG (FLNG) vessel for development of Pandora gas field in the Gulf o...

EIA: US gasoline prices to average $1/gal less in 2015 vs. 2014

02/10/2015 US regular gasoline retail prices are expected to average $2.33/gal in 2015, down from $3.36/gal in 2014, according to the Energy Information Admin...

Continental Resources completes more Springer wells

02/10/2015 Wells competed by Continental Resources Inc. last year reaffirmed the repeatability and growth potential of the Springer play in South Central Okla...

New York state decides to ban hydraulic fracturing

02/10/2015 New York state officials planned in 2015 to officially ban high-volume hydraulic fracturing, which would end a temporary moratorium that has existe...

Maryland moves forward on fracturing regulations

02/10/2015 Maryland state officials planned to draft regulations that would allow hydraulic fracturing in the Marcellus shale in West Maryland provided that n...

Fracturing becoming a common municipal ballot item

02/10/2015 Various municipalities, including Denton, Tex., have banned or sought to ban hydraulic fracturing through ballot issues while some states such as N...

Texas A&M studies water used for Eagle Ford fracturing

02/10/2015 Development of unconventional plays led to a rapid proliferation of the use of hydraulic fracturing, which has boosted US production rates. Yet, fr...
White Papers

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

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

When Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

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