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

MARKET WATCH: Oil, gas prices end March on strong note

04/01/2014 Crude oil futures on the New York and London markets were down slightly Mar. 31 after weekend talks between US Sec. of State John Kerry and Russian...

MARKET WATCH: Crude oil futures end week above $100/bbl mark

03/31/2014 The New York Mercantile Exchange May crude oil contract was up 39¢ on Mar. 28, closing at $101.67/bbl. The June contract increased 36¢ to settle at...

API report unveils economic gains from US crude exports

03/31/2014 A recent study details significant US jobs gains, reduced consumer fuel costs, and robust economic growth associated with future crude oil exports,...

MARKET WATCH: Crude oil futures sustain $100/bbl price level

03/28/2014 Crude oil futures prices on the New York Mercantile Exchange sustained levels above $100/bbl during trading on Mar. 27 after breaching that thresho...

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