MARKET WATCH: Oil prices fall on anticipated US budget impasse

The benchmark for US light, sweet crude oil futures prices hit a 3-month low on the New York Mercantile Exchange on Sept. 30 upon fears that Congress would fail to agree on a new budget, prompting a partial shutdown of federal agencies on Oct. 1.

Last-minute negotiations on the budget broke down by the midnight deadline Sept. 30, triggering the start of a US government shutdown. The length of the shutdown remains unclear, and lawmakers were expected Oct. 1 to continue talking about how to fund the fiscal year.

The NYMEX November contract for benchmark US light, sweet crudes fell by 54¢ on Sept. 30, settling at $102.33/bbl. The December crude contract dropped 44¢ to settle at $101.90/bbl.

Heating oil for October delivery was down 1.9¢ to a rounded $2.97/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for October lost 4.2¢ to $2.635/gal.

The November natural gas contract decreased by 2.9¢ to $3.56/MMbtu on NYMEX. On the US spot market, the gas price at Henry Hub, La. was a rounded $3.52/MMbtu, up by 2.2¢.

In London, the November IPE contract for North Sea Brent crude lost 26¢ to $108.37/bbl. The October contract for gas oil dropped by $14.25 to $913/tonne.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes dipped 86¢ to $105.61/bbl on Sept. 30.

Related Articles

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 ...

Freeport-McMoRan to buy deepwater gulf assets for $1.4 billion

05/08/2014 Freeport-McMoRan Oil & Gas LLC, a subsidiary of Freeport-McMoRan Copper & Gold Inc., has entered into a definitive purchase and sale agreem...

MARKET WATCH: Oil futures climb on US inventory drop

05/08/2014 Crude oil futures prices climbed more than $1/bbl on the New York market May 7 after a weekly government report showed an unexpected drop in crude-...

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