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

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

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