MARKET WATCH
Oil prices rise as US distillate stocks fall

Sam Fletcher
Senior Writer

HOUSTON, Nov. 9 -- Energy prices rose Nov. 8 in the New York market as US distillate stocks fell for the fifth straight week.

The US Energy Information Administration said commercial US crude inventories inched up by 400,000 bbl to 334.7 million bbl during the week ended Nov. 3. US gasoline stocks declined by 600,000 bbl to 204 million bbl during the same period. Distillate fuel inventories dropped 2.7 million bbl to 138.6 million bbl, with a slight increase in heating oil offset by a significant decline in conventional diesel fuel (OGJ Online, Nov. 8, 2006).

"These declines in inventories have come on the cusp of the high-demand winter season (bullish) and ahead of the Organization of Petroleum Exporting Countries' Nov. 1 cuts," said analysts in the Houston office of Raymond James & Associates Inc. "Elsewhere, the Russian drive for more control of their energy assets continues. The latest round involves a criminal case against the head of a unit of BP PLC's Russian operations," they said.

Energy prices
The December contract for benchmark US sweet, light crudes increased by 90¢ to $59.83/bbl Nov. 8 on the New York Mercantile Exchange. The January contract gained 93¢ to $61.55/bbl. On the US spot market, West Texas Intermediate was up by 90¢ to $59.84/bbl. Unleaded gasoline for December delivery escalated by 3.95¢ to $1.56/gal. Heating oil for the same month gained 3.03¢ to $1.71/gal.

The December natural gas contract climbed by 6.8¢ to $7.82/MMbtu on NYMEX. On the US spot market, natural gas at Henry Hub, La., jumped by 68¢ to $7.42/MMbtu.

In London, the December IPE contract for North Sea Brent gained $1.11/bbl. The November gas oil contract increased by $7 to $537.25/tonne.

The average price for OPEC's basket of 11 benchmark crudes lost 46¢ to $55.18/bbl Nov. 8.

Contact Sam Fletcher at samf@ogjonline.com.

Related Articles

Trinidad ULSD plant won’t be built in 2015, Petrotrin executive says

01/28/2015 Trinidad and Tobago’s state-owned Petrotrin has announced that its $500 million ultralow-sulfur diesel (ULSD) plant cannot be commissioned because ...

Vietnam advances Dung Quat refinery expansion plans

01/26/2015 Binh Son Refining & Petrochemical Co. Ltd. (BSR), a subsidiary of state-owned Vietnam National Oil & Gas Group (PetroVietnam), has unveiled...

OGJ Newsletter

01/26/2015

International news for oil and gas professionals

Varo Energy plans upgrades for Swiss refinery

01/23/2015 Varo Energy BV, a midstream company owned by The Carlyle Group and Vitol Group, plans to invest more than 50 million Swiss francs ($56 million) thi...

Kuwait lets contract for Mina Abdullah refinery

01/22/2015 Kuwait National Petroleum Co. (KNPC), through a subcontractor, has let a contract to Mushrif Trading & Contracting Co. for work related to its ...

Contract let for Aramco’s Jazan refinery, terminal project

01/21/2015 Saudi Aramco, through a contractor, has let a contract to Alderley FZE, Dubai, a division of Alderley PLC, Wickwar, UK, to provide metering systems...

EPA approves revisions to California’s refinery emission regulations

01/20/2015 The US Environmental Protection Agency has issued a final rule approving revisions to portions of California’s state implementation plan (SIP) that...

LyondellBasell expands roles of three senior executives

01/20/2015

LyondellBasell has expanded the roles of senior executives Timothy D. Roberts, Patrick D. Quarles, and Kevin W. Brown.

Senators introduce amendment to end corn ethanol mandate

01/20/2015 US Sens. Dianne Feinstein (D-Calif.), Patrick J. Toomey (R-Pa.), and Jeff Flake (R-Ariz.) introduced legislation to remove the corn ethanol mandate...
White Papers

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

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
Available Webcasts


OGJ's Midyear Forecast 2015

When 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

When 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



On Demand

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


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

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


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