MARKET WATCH: Brent crude prices top $110/bbl on geopolitical tensions

In London, ICE Brent crude oil prices moved up this week, topping $110/bbl on Apr. 24 “amid rising geopolitical tensions between Russia and Ukraine, declining refinery turnarounds, and North Sea field maintenance,” said Barclays analysts in an Apr. 25 Energy Market Outlook.

The June ICE contract for Brent crude delivery increased $1.22, closing at $110.33/bbl on Apr. 24. The July contract, meanwhile, was up $1.11 to close at $109.95/bbl.

The ICE gas oil contract for May, meanwhile, climbed $8.50 to $926.50/tonne.

“If the conflict between the countries escalates, increased fuel demand for military use and heightened risk of disruption will likely continue to strengthen global oil prices,” the analysts said, adding, “Transneft warned of a disruption to oil product flows to Ukraine and Hungary (via Ukraine), due to a dispute over the pipeline’s ownership.”

On the other side of the Atlantic, the New York Mercantile Exchange June and July crude oil contract prices each gained 50¢ on Apr. 24, closing at $101.94/bbl and $101.35/bbl, respectively.

The May natural gas contract was down 2.5¢ to a rounded $4.71/MMbtu. The June contract lost 2.4¢ to a rounded $4.72/MMbtu.

Heating oil for May delivery rose 3.36¢ to a rounded $3.01/gal. Reformulated gasoline stock for oxygenate blending for May delivery was virtually unchanged at a rounded $3.09/gal.

The Organization of Petroleum Exporting Countries said for its basket of 12 benchmark crudes was $105.20 on Apr. 24, rising 21¢ from the previous day’s closing price.

Related Articles

ConocoPhillips, Suncor join Shell in deepwater exploration off Nova Scotia

06/11/2014

ConocoPhillips and Suncor Energy Inc. are joining Shell Canada as partners in exploring the deepwater Shelburne basin off Nova Scotia.

Osum to purchase Orion project from Shell for $325 million (Can.)

06/11/2014

Osum Oil Sands Corp., Calgary, plans to purchase the Orion oil sands project in Alberta from Shell Canada for $325 million (Can.).

MARKET WATCH: NYMEX crude oil stays above $104/bbl; OPEC quota unchanged

06/11/2014 The crude oil contract price for July delivery fell modestly June 10 yet still hovered above $104/bbl on the New York market as participants awaite...

EIA: US oil production in 2015 expected to be highest since 1972

06/10/2014 Total US crude oil production in 2015 will reach its highest level since 1972, the US Energy Information Administration forecast in its Short-Term ...

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