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.

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