Oil and gas prices fell Oct. 17 despite news out of Washington, DC, that the US Congress approved and President Barack Obama signed legislation ending a 16-day partial government shutdown (OGJ Online, Oct. 17, 2013).
“Despite the broader market enthusiasm, crude fell 1.6%, pushing WTI to a 3-month low…while natural gas slipped 0.4%,” said analysts with Raymond James & Associates Inc. “Energy stocks followed crude and natural gas lower, albeit to a modest degree…. Ahead of the bell [Oct. 18], equity and crude futures are in the green, while natural gas is in the red,” they said.
The NYMEX November and December crude contracts each fell $1.62 on Oct. 17 to settle at respective prices of $100.67/bbl and $100.87/bbl.
Heating oil for November delivery decreased by about 5¢ to $2.99/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for November dropped by about 5.4¢ to a rounded $2.65/gal.
The November natural gas contract edged down 1.2¢ to a rounded $3.76/MMbtu on NYMEX while the December contract lost 1.9¢ to settle at a rounded $3.89/MMbtu. On the US spot market, the gas price at Henry Hub, La., was a rounded $3.75. Wednesday’s price was unavailable.
In London, the December ICE contract for Brent crude oil gave up $1.48, settling at $109.11/bbl. The November contract for ICE gas oil was down $13.50 to $931.50/tonne.
The Organization of Petroleum Exporting Countries basket of 12 benchmark crudes was $107.02/bbl on Oct. 17, a decline of 17¢.