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: China promotes AFVs, fuel efficiency to curb rising oil demand

05/13/2014 The Chinese government is adopting a broad range of policies, including improvements of fuel efficiency and the promotion of alternative-fuel vehic...

Encana improves Montney shale IP rates; may sell more gas assets

05/13/2014

Encana Corp. has increased initial production rates by about 75% in its Montney shale drilling program.

Romanian government expected to raise royalties in 2015

05/13/2014

Romania’s current royalty rates range between 3.5% and 13% (averaging between 7% and 8%), and this number is likely to increase in 2015.

House panel’s Republicans seek information about DOE’s SPR management

05/13/2014 US House Energy and Commerce Committee Republican leaders requested a meeting with US Sec. of Energy Ernest J. Moniz and other appropriate official...

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