By OGJ editors
HOUSTON, Dec. 18 -- Crude futures prices rose above $63/bbl on Dec. 15, ending a week of renewed concerns about oil supply prompted by the Organization of Petroleum Exporting Countries' decision to trim production.
OPEC agreed to another production cut, down 500,000 b/d to 25.8 million b/d this time, effective Feb. 1 (OGJ Online, Dec. 14, 2006).
The January contract for benchmark US light, sweet crudes gained 92¢ to $63.43/bbl Dec. 15 on the New York Mercantile Exchange. On Dec. 14, the price had climbed $1.14/bbl after OPEC's announcement.
Energy prices
The February NYMEX contract for benchmark US light, sweet crudes gained 76¢ to $64.09/bbl. On the US spot market, West Texas Intermediate increased by 92¢ to $63.44/bbl.
Heating oil for January delivery rose by 0.52¢ to $1.7817/gal on NYMEX. Unleaded gasoline for the same month rose by 2.13¢ to $1.6863/gal. The January natural gas contract lost 14.6¢ to $7.409/MMbtu on NYMEX.
In London, the January IPE contract for North Sea Brent crude gained 60¢ to $63.49/bbl. Gas oil for January decreased by $3 to $551/tonne.
The average price for OPEC's basket of 11 benchmark crudes climbed by 96¢ to $58.39/bbl Dec. 15.
