MARKET WATCH: Oil futures prices drop before US inventory gain

Oil futures prices dropped on the New York market Nov. 26 amid slow trading volumes as market participants awaited the Nov. 27 release of a weekly US government report on crude oil and product inventories that traders correctly anticipated showed a 10th consecutive climb.

The Energy Information Administration said US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, reached 391.4 million bbl for the week ended Nov. 22, a 3 million bbl increase from the week ended Nov. 15.

Separately, the American Petroleum Institute reported US crude inventories of 390.2 million bbl for the week ended Nov. 22.

EIA said crude oil inventories remain well above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 1.8 million bbl, staying above the upper limit of the average range.

Both finished gasoline inventories and blending components inventories increased. Distillate fuel inventories decreased by 1.7 million bbl. Propane-propylene inventories fell 1.4 million bbl.

US refinery inputs averaged 15.6 million b/d for the week ended Nov. 22, which EIA said was 104,000 b/d higher than the previous week’s average. Refineries operated at 89.4% of capacity last week.

Gasoline production increased last week, averaging over 9.4 million b/d. Distillate fuel production increased last week, averaging 5 million b/d.

US crude oil imports averaged over 7.7 million b/d, down by 145,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.7 million b/d, 3.5% below the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, last week averaged 710,000 b/d, EIA said. Distillate fuel imports averaged 158,000 b/d.

Energy prices

The New York Mercantile Exchange January crude contract declined 41¢ on Nov. 26, closing at $93.68/bbl. The February contract fell 40¢ to settle at $94/bbl.

Heating oil for December delivery climbed by 1.23¢ to settle at a rounded $3.04/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for December delivery gained 0.62¢ to a rounded $2.69/gal.

The December natural gas contract on NYMEX gained 2.9¢, settling at a rounded $3.82/MMbtu. On the US spot market, the gas price at Henry Hub, La., closed at $3.845/MMbtu on Nov. 26, marking a decrease of 1.5¢.

In London, the January ICE contract for Brent crude oil dropped 12¢, settling at $110.88/bbl. The ICE gas oil contract for December rose by $9.75 to $944.50/tonne.

The Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes climbed $1.29 on Nov. 26 to settle at $107.36/bbl.

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