Light, sweet crude oil for March delivery on the New York market tumbled to settle below $65/bbl on Jan. 30 as US production inches closer to historic levels.
Earlier this year, the US Energy Information Administration said it expects US production climb above 10 million b/d in 2018, pushing the US past Saudi Arabia in terms of production. EIA expects total US crude oil production to average 10.3 million b/d in 2018, up 10% from 2017. If achieved, this would be the highest annual average US oil production on record, surpassing the previous record of 9.6 million b/d set in 1970.
Energy prices
The March light, sweet crude contract on the New York Mercantile Exchange fell $1.06 on Jan. 30 to settle at $64.50/bbl. The April contract was down $1.04 to $64.35/bbl.
The NYMEX natural gas price for March settled at a rounded $3.20/MMbtu. The Henry Hub cash gas price rose 4¢ to $3.60/MMbtu.
Ultralow-sulfur diesel for February fell 6¢ to a rounded $2.01/gal. Rounded, the NYMEX reformulated gasoline blendstock for February hit $1.90/gal.
Brent on London’s ICE for March dropped 44¢ to $69.02/bbl. The April contract was down 47¢ to $68.73/bbl. The gas oil contract for February reached $611.50/tonne.
The Organization of Petroleum Exporting Countries’ basket of crudes was $66.60/bbl on Jan. 30, down $1.
