MARKET WATCH
Energy futures prices lose ground in trading on NYMEX

By OGJ editors
HOUSTON, Dec. 13 -- Energy futures prices lost ground in trading Dec. 10 on the New York Mercantile Exchange. Prices fell despite a Dec. 10 announcement that members of the Organization of Petroleum Exporting Countries would try to lower oil production by 1 million b/d.

Analysts said OPEC's decision was a widely expected move that the market had accommodated in the week prior to OPEC's meeting in Cairo.

Analysts also cited resumed crude oil exports through Iraq's northern pipeline to Turkey as a factor in the price decline. Sabotage suspended deliveries through the line for nearly 12 days.

Algerian Energy and Mines Minister Chakib Khelil said OPEC's agreement to rein in production was "most suitable" for the time being. In comments to the Algerian Press Service, Khelil noted that the organization's accord, effective Jan. 1, would be favorable for both OPEC and the oil market.

Energy prices
Benchmark US light, sweet crude for January delivery pulled back by $1.82 Dec. 10 on the New York Mercantile Exchange to finish at $40.71/bbl. The February contract fell by $1.61 to $41.36/bbl.

Heating oil for January delivery fell by 7.44¢ to $1.23/gal Thursday on NYMEX. Unleaded gasoline for the same month fell by 3.14¢ to $1.08/gal.

On the US spot market, West Texas Intermediate crude at Cushing, Okla., lost $1.82 to $40.71/bbl.

The January natural gas contract declined 5¢ to $6.84/MMbtu "pressured by a sharp, late slide in crude oil prices, but colder Northeast and Midwest weather forecasts for this week helped temper the selling at the close," said analysts Dec. 13 at Enerfax Daily.

The price of the OPEC basket of seven crudes stood at $33.92/bbl Dec. 10, compared with $34.29/bbl the previous day.

Related Articles

EIA: Marcellus gas production continues to outpace takeaway capacity

04/25/2014 Rising production of natural gas in the Marcellus shale play in the Appalachian basin continues to outpace the growth in the region’s pipeline take...

Gazprom loads first oil shipment from Arctic’s Prirazlomnoye field

04/21/2014 JSC Gazprom Neft has loaded its first shipment of oil produced from Prirazlomnoye field, 60 km offshore in the Russian Arctic shelf. The field was ...

Speakers debate states' oil, gas role at GMU conference

04/21/2014 States are better qualified than federal and local governments to regulate hydraulic fracturing and other unconventional oil and gas activities, tw...

Petrobras hits production record in Santos, Campos basins

04/21/2014 Petroleo Brasileiro SA (Petrobras) recently reached an oil production record of 428,000 b/d in company-operated fields in the Santos and Campos bas...

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