MARKET WATCH: Energy prices fall despite news of government startup

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.

Energy prices

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¢.

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