MARKET WATCH
NYMEX oil futures hit 2-week peak

By OGJ editors
HOUSTON, Nov. 24 -- Crude oil futures climbed past $50/bbl briefly on the New York Mercantile Exchange Tuesday before settling at $48.94/bbl—the highest close since Nov. 8.

Analysts said traders were nervous about world oil supplies in advance of US inventory reports to be released Wednesday.

Trading volumes were light in New York Tuesday as many traders took time off before the long Thanksgiving weekend. NYMEX will be closed both Thursday and Friday for the holiday.

Energy prices
The new front-month January contract for benchmark US sweet, light crudes rose 30¢ to $48.94/bbl Tuesday on NYMEX after trading peaked during the daily session at $50.25/bbl.

The February position gained by 31¢ to $49.12/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., gained 25¢ to $48.75/bbl Tuesday.

Heating oil for December delivery edged up 0.09¢ to $1.4458/gal Tuesday on NYMEX. Gasoline for the same month gained 1.69¢ to $1.3063/gal. The December natural gas contract climbed by 3.1¢ to $6.793/MMbtu Tuesday.

In London, the January contract for North Sea Brent crude was up by 7¢ to $44.45/bbl on the International Petroleum Exchange.

The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes gained 7¢ to $38.69/bbl Tuesday.

Related Articles

Christie calls for N. American energy system improvements

09/05/2014 Mexico, Canada, and the US will need to significantly increase investments in energy systems if they expect to achieve the full benefits of a North...

MARKET WATCH: Crude oil experiences week-long ‘bumpy ride’

09/05/2014 The crude oil market was taken on a “bumpy ride” down a rocky road for much of this week, according to a commodities research note from Barclays Re...

MARKET WATCH: Crude oil futures prices rebound on Russia-Ukraine talks

09/04/2014 Crude oil futures prices rebounded on both the New York and London markets Sept. 3, which analysts attributed largely to comments from Russian Pres...

MARKET WATCH: NYMEX, Brent crude oil futures dive on ample world oil supply

09/03/2014 Crude oil futures prices slumped on both the New York and London markets on Sept. 2, with Brent reaching its lowest level in 16 months while front-...

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