MARKET WATCH: Crude prices waver on rising production, refinery turnarounds

Rising crude production and refining turnarounds “has raised inventory levels markedly higher throughout the US in the past 2 weeks, widening inland-coastal differentials and discounting the entire US crude complex from other crude benchmark prices,” said Miswin Mahesh, analyst with Barclays Capital Inc.

“Absent any easing of US crude export restrictions, a scenario we believe unlikely, this dynamic looks to be a fixture of the market whenever crude supplies exceed refinery demand, Mahesh said, adding, “Brent dynamics were also slightly weaker by the end of the week due to lackluster economic signals in emerging markets, but they remain only slightly lower than last week due to continued production outages in the North Sea as well as geopolitical unrest.”

Energy prices

The New York Mercantile Exchange December crude contract edged up 25¢ on Oct. 24 to settle at $97.11/bbl. The January 2014 contract rose 24¢ to $97.24/bbl.

Heating oil for November delivery edged down 2.3¢ to $2.90/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for November was up 3.7¢ to a rounded $2.59/gal.

The November natural gas contract edged up a penny to a rounded $3.63/MMbtu on NYMEX. On the US spot market, the gas price at Henry Hub, La., was a $3.62/MMbtu, down by 3.5¢.

In London, the December ICE contract for Brent crude oil lost 81¢, settling at $106.99/bbl. The January 2014 contract for Brent was also down, slipping 78¢ to settle at $106.57/bbl. The November contract for ICE gas oil dropped $8.50 to $911.50/tonne.

The Organization of Petroleum Exporting Countries basket of 12 benchmark crudes was $105.57/bbl on Oct. 24, off 77¢.

Related Articles

EIA: High value of liquids boosts wet gas production

05/08/2014 Spurred by relatively high values of natural gas liquids (NGL), company interests have shifted from dry gas production to wet gas production, accor...

US DOT issues Bakken crude rail transport emergency order

05/08/2014 The US Department of Transportation (DOT) has issued an emergency order requiring all railroads operating trains containing large amounts of Bakken...

OTC: Engineers consider human factors in offshore designs

05/08/2014 Offshore engineers increasingly are taking human factors into account when designing oil and gas equipment, said speakers participating in a May 5 ...

Associations raise concerns in Atlantic OCS G&G comments

05/08/2014 The US Bureau of Ocean Energy Management’s preferred alternative for new geologic and geophysical (G&G) activity on the South and Mid-Atlantic ...

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