By OGJ editors
HOUSTON, Oct. 18 -- Broader markets closed flat on Oct. 15 “despite an upbeat retail sales report, with the S&P moving up a mere 0.2%,” analysts at Raymond James & Associates said. “However, oil traded near 2-week lows as the dollar strengthened against the euro,” they noted.
They said, “Natural gas hit a new 52-week low as it fell…3.5%. Although Federal Reserve Chairman Ben Bernanke said that the central bank was ready to take steps to boost the economy, uncertainty over the exact method of stimulus kept investors lethargic and made for an uneventful [Oct. 15] in the markets.”
The November contract for benchmark US light, sweet crudes fell $1.44 to $81.25/bbl Oct. 15 on the New York Mercantile Exchange. The December contract dropped $1.43 to $81.93/bbl.
On the US spot market, West Texas Intermediate at Cushing, Okla., was down $1.44 to $81.25/bbl. Heating oil for November delivery declined 5.31¢ to $2.23/gal on NYMEX. Reformulated blend stock for oxygenate blending for the same month decreased 3.27¢ to $2.10/gal.
The November contract for natural gas lost 12.2¢ to $3.54/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., fell 14¢ to $3.43/MMbtu.
In London, the new front-month December IPE contract for North Sea Brent dropped $1.75 to $82.45/bbl. Gas oil for November lost $12 to $711.75/tonne.
The average price for OPEC’s basket of 12 benchmark crudes decreased $1.09 to $79.86/bbl on Oct. 15.
Rystad Energy.
