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.

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