MARKET WATCH: Oil prices jump ahead of OPEC’s call to hold production quota steady

Oil prices jumped Dec. 3 on the heels of news that members of the Organization of Petroleum Exporting Countries, who met Dec. 4 in Vienna at the cartel’s 164th ordinary meeting, decided collectively to maintain the group’s current production quota level of 30 million b/d.

The OPEC conference said they considered the world’s economic outlook, which included “the high sovereign debt in the Euro-zone, high unemployment in the advanced economies, especially the Euro-zone, and slow growth, coupled with inflation risk, in the emerging economies.”

OPEC said, “Indeed, the biggest challenge facing global oil markets in 2014 is this global economic uncertainty, with the fragility of the Euro-zone remaining a cause for concern.”

The conference decided to hold its next ordinary meeting in Vienna on June 11, 2014.

Energy prices

The New York Mercantile Exchange January crude contract gained $2.22 on Dec. 3 to settle at $96.04/bbl. The February contract added $2.17 to close at $96.27/bbl.

Heating oil for January delivery increased 1.5¢, settling at a rounded $3.07/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for January delivery was up 4.5¢ to a rounded $2.72/gal.

The January natural gas contract on NYMEX edged down 1.2¢, settling at a rounded $3.98/MMbtu. On the US spot market, the gas price at Henry Hub, La., closed at $3.83/MMbtu, virtually unchanged from Dec. 2.

In London, the January ICE contract for Brent crude oil rose $1.17, settling at $112.62/bbl. The February contract for Brent also increased, up $1.08 to $112.13/bbl. The ICE gas oil contract for December gained $3 to settle at $945.75/tonne.

The Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes closed at $108.08/bbl on Dec. 3, jumping $1.34.

Related Articles

AER strengthens air quality requirements for Peace River operators

08/19/2014 Addressing emissions and odors, Alberta Energy Regulator says it has strengthened requirements to capture casing and tank top gas from heavy oil an...

BlackPearl files OSCA application for Blackrod SAGD

08/19/2014 Alberta Energy Regulator reports that BlackPearl Resources Inc., Calgary, has filed an Oil Sands Conservation Act application for the Blackrod comm...

MARKET WATCH: NYMEX, Brent oil prices continue slump

08/19/2014 Oil prices slid on the New York market Aug. 18 while oil prices on the London market slumped to the lowest level since June 25, 2013, after Iraqi a...

CSB releases incident report for Tesoro’s Martinez refinery

08/18/2014 Loose pipe fittings are to blame for a sulfuric acid release that seriously injured two workers in early February at the alkylation unit of Tesoro ...

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