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

Related Articles

Skea to be president of Energy Institute

10/14/2014 Jim Skea, professor of sustainable energy at the Centre for Environmental Policy, Imperial College, is president-elect of the Energy Institute, Lon...

Gazprom, CNPC sign technical agreement on cross-border section

10/14/2014 OAO Gazprom and China National Petroleum Corp. have signed a technical agreement for the cross-border section Power of Siberia natural gas trunkline.

MARKET WATCH: NYMEX, Brent crude oil prices down again

10/14/2014 Crude oil prices settled lower on the New York market and in London Oct. 13 while dropping yet again in early Oct. 14 trading after the Internation...

CNPC, Rosneft advance Tianjin refinery project

10/13/2014 China National Petroleum Corp. (CNPC) and OAO Rosneft have signed an agreement for the extension of strategic cooperation on the Tianjin joint vent...

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