MARKET WATCH: NYMEX crude prices drop back below $50/bbl

Feb. 12, 2015
The New York Mercantile Exchange March crude oil contract dropped $1.18 on Feb. 11, closing at $48.84/bbl. The April contract dropped $1.15 to $50.93/bbl.

The New York Mercantile Exchange March crude oil contract dropped $1.18 on Feb. 11, closing at $48.84/bbl. The April contract dropped $1.15 to $50.93/bbl.

The natural gas contract on NYMEX for March gained 12¢ to a rounded $2.80/MMbtu. The Henry Hub, La., gas price was $2.85/MMbtu, jumping 22¢.

Heating oil for March declined 1.86¢ to a rounded $1.81/gal. Reformulated gasoline stock for oxygenate blending for March delivery edged down less than a penny to a rounded $1.54/gal.

The March ICE contract for Brent crude oil fell $1.77, settling at $54.66/bbl. The April contract fell $1.57 to $55.92/bbl. The ICE gas oil contract for March declined $8.75 to $544.25/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes on Feb. 10 was $52.21/bbl, dropping 93¢ from Feb. 10.