MARKET WATCH: NYMEX crude futures price holds above $104/bbl

Crude oil futures prices declined modestly on the New York market during May 27 trading but still settled above $104/bbl while analysts awaited the US inventory report and continued to monitor news events in Libya and Ukraine.

The US Energy Information Administration plans to release its weekly inventory data on May 29, one day later than normal because of the Memorial Day holiday. Analysts polled by Reuters in advance of the report expected a boost in oil stockpiles for the week ended May 23.

In Libya’s Benghazi, the leader of Islamist militant group Ansar al-Sharia warned against interference by the US government, saying the situation could prove worse than the conflicts in Somalia, Iraq, or Afghanistan.

Ole Hansen, SaxoBank Research head of commodity strategy, said Brent oil prices have been “well supported during the past couple of weeks as Libyan oil production once again has almost come to a halt.”

Violence continued in Ukraine where the military reportedly killed more than 50 pro-Russian rebels in an assault May 26-27 following a weekend presidential election. Initial results showed businessman Petro Poroshenko won a majority in the first round of voting even though many polling places were disrupted in eastern Ukraine.

Energy prices

The New York Mercantile Exchange July crude oil contract price dropped 24¢, closing at $104.11/bbl on May 27. The August contract dropped 25¢ to $103.18/bbl.

The June natural gas contract rose 10¢ to a rounded $4.51/MMbtu.

Heating oil for June delivery declined by 1.5¢ to at a rounded $2.94/gal. Reformulated gasoline blendstock dropped 2.8¢ to a rounded $3/gal.

In London, the July ICE contract for Brent crude delivery was down 30¢, closing at $110.02/bbl on May 27. UK markets were closed May 26 for a spring bank holiday. The August contract decreased 27¢ to settle at $109.32/bbl. The ICE gas oil contract for August rose $2.75 to $912/tonne.

The Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes was $106.79, up 6¢.

Contact Paula Dittrick at paulad@ogjonline.com.

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