MARKET WATCH: Energy prices continue to waffle

Energy prices continued to waffle with both crude and natural gas futures contracts posting losses Feb. 15 in the New York market, but North Sea Brent crude was less affected.

Nevertheless, Marc Ground at Standard New York Securities Inc., the Standard Bank Group, said, “A rosier demand outlook has kept interest in oil markets alive. Strong crude oil imports from China and last week’s demand outlooks from the Energy Information Administration and from the Organization of Petroleum Exporting Countries have lent support to the view of a tightening market. Coupled with the inability of increasing US supply to gain access to the global oil market, we would concur that prices could remain relatively sticky.”

On the other hand, he said the geopolitical risk premium added to crude prices likely will decline if tensions are reduced in the Middle East and North Africa.

Energy prices

The March contract for benchmark US light, sweet crudes lost $1.45 to $95.86/bbl Feb. 15 on the New York Mercantile Exchange. The April contract dropped $1.49 to $96.41/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was down $1.45 to match the $95.86/bbl close of the front-month futures contract.

Heating oil for March delivery declined 1.33¢ to $3.21/gal on NYMEX. Reformulated stock for oxygenate blending for the same month continued climbing, however, up 1.79¢ to $3.13/gal.

The March natural gas contract decreased 1¢ to $3.15/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., fell 7.9¢ to $3.21/MMbtu.

In London, the April IPE contract for North Sea Brent was down 34¢ to $117.66/bbl. Gas oil for March lost $8.25 to $1,003/tonne.

The average price for OPEC’s basket of 12 benchmark crudes dropped 44¢ to $114.23/bbl. So far this year, OPEC’s basket price has averaged $110.80/bbl.

Contact Sam Fletcher at samf@ogjonline.com.

Related Articles

DOE approves LNG exports to non-FTA countries from Oregon project

03/24/2014 The US Department of Energy conditionally approved Jordan Cove Energy Project LP’s application to export LNG through its proposed terminal on Orego...

MARKET WATCH: Front-month crude oil contract closes up, gas down on week

03/24/2014

The front-month crude oil contract ended the week higher Mar. 21 while natural gas futures prices edged slightly lower.

HSC remains closed, fuel cleanup continues after barge collision

03/24/2014 The Houston Ship Channel (HSC) remained closed to unauthorized vessels Mar. 24 as the result of a temporary emergency safety zone being established...

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

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