MARKET WATCH: NYMEX crude oil prices dip below $94/bbl

Crude oil futures on the New York market settled Nov. 12 at their lowest price since May 31, which analysts attributed to high crude oil inventories and robust production from unconventional plays.

The weekly US Energy Information Administration inventory report is scheduled for release on Nov. 14, one day later than normal because of the Veterans Day holiday in the US on Nov. 11.

Meanwhile, the Organization of the Petroleum Exporting Countries released a monthly oil report in which the cartel forecast global demand for OPEC crude will drop by an average 300,000 b/d in 2014. Last week, OPEC said it believes global demand for OPEC crude will drop by 1 million b/d by 2018.

In its annual World Oil Outlook, OPEC said it expects new oil supplies from the US and Canada will reach 4.9 million b/d in 5 years. Previously, OPEC had forecast 1.7 million b/d of new oil supply from those two countries by 2018.

Energy prices

The New York Mercantile Exchange December crude contract dropped $2.10 on Nov. 12, settling at $93.04/bbl. The January 2014 contract declined $1.95 to $93.52/bbl.

Heating oil for December delivery was down 3.8¢ to settle at a rounded $2.85/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for December delivery was down by 1¢ to a rounded $2.59/gal.

The December natural gas contract on NYMEX was up 4.3¢ to settle at a rounded $3.62/MMbtu. On the US spot market, the gas price at Henry Hub, La., was a rounded $3.69/MMbtu, up 7.42¢ from the previous trading session.

In London, the December ICE contract for Brent crude oil declined 59¢ to settle at $105.81/bbl. The January 2014 contract dropped 64¢ to $105.54/bbl. The November contract for ICE gas oil held steady at $903.25/tonne.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes was $103.60/bbl on Nov. 12, up 27¢ from the previous day.

Contact Paula Dittrick at paulad@ogjonline.com.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

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