The light, sweet crude oil price for June delivery gained somewhat on the New York market Apr. 25 but still settled below $50/bbl for a third consecutive trading session. US oil prices declined in early Apr. 26 trading pending release of a weekly oil and product inventory report.
The US Energy Information Administration was scheduled later Apr. 26 to release its statistics for the week ended Apr. 21.
Separately, the American Petroleum Institute said its own estimate showed US crude inventories rose 900,000 bbl and gasoline supplies climbed 4.4 million bbl.
“Right now the market sentiment seems to be changing and becoming more negative,” said Eugen Weinberg, Commerzbank analyst. “I would not be surprised to see prices come under considerable pressure today,” if EIA confirms the API estimate.
EIA and API frequently report different numbers, with industry most closely watching the EIA Weekly Petroleum Status Report.
Energy prices
The June crude oil contract on the New York Mercantile Exchange gained 33¢ on Apr. 25 to close at $49.56/bbl. The July contract increased 32¢ to $49.90/bbl.
The natural gas price for May fell 2¢ to a rounded $3.04/MMbtu. The Henry Hub cash gas price was $2.96/MMbtu, down 2¢.
Heating oil for May edged up less than 1¢ to remain at a rounded $1.54/gal. Reformulated gasoline stock for oxygenate blending for May also gained by a fraction of a penny to remain at a rounded $1.62/gal.
The Brent crude contract for June on London’s ICE rose 50¢ to settle at $52.10/bbl. The July contract was up 44¢ to $52.57/bbl. The May gas oil contract declined $2 to $463.75/tonne.
The Organization of Petroleum Exporting Countries’ basket of crudes closed Apr. 25 at $49.21/bbl, down 43¢.
Contact Paula Dittrick at [email protected].