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

Uneven effects seen from new Appalachian pipelines

09/15/2014 Producers in the Appalachian basin will benefit unevenly from markets opening for natural gas from the Marcellus and Utica shales, according to a C...

AAPG ICE: Turkey sees early shale oil development

09/15/2014 Turkey is slightly larger than the state of Texas geographically, yet the country has only seen 4,400 wells drilled since 1940. While Texas’ oil hi...

Giesler joins Miller as chief executive

09/15/2014 Carl F. Giesler Jr. has joined Miller Energy Resources Inc., Knoxville, Tenn., as chief executive officer, replacing Scott M. Boruff, who is now ex...

Miller seeks Buccaneer’s Alaskan assets

09/15/2014 Miller Energy Resources Inc., Knoxville, Tenn., has signed a nonbinding letter of intent to buy Alaskan operating assets of Buccaneer Energy for $4...

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