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

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