Crude oil prices rose modestly on both the New York and London markets Mar. 23 while US analysts awaited a weekly government report on Mar. 25 regarding oil and product inventories.
World oil traders noted that the Brent price is hovering around $50/bbl for the past couple trading sessions.
Saudi Arabia said its production is nearing 10 million b/d of crude oil, which is 350,000 b/d above the figure that the Organization of Petroleum Exporting Countries reported for the kingdom’s February output.
Separately, economic statistics from China prompted more concerns about the likelihood of slowing oil demand there.
A preliminary HSBC China Manufacturing Purchasing Managers Index in March dropped to 49.2, marking an 11-month low. The index’s final report was 50.7 in February. A number below 50 indicates a contraction in industrial activity.
Energy prices
The New York Mercantile Exchange May crude oil contract rose 88¢ on Mar. 23 to $47.45/bbl. The June contract increased 72¢ to settle at $49.15/bbl.
The natural gas contract for April declined 5¢ to a rounded $2.73/MMbtu. The Henry Hub, La., gas price was $2.69/MMbtu, down 13¢.
Heating oil for April delivery declined less than a penny to remain at a rounded $1.73/gal. Reformulated gasoline stock for oxygenate blending for April moved up less than a penny to remain at a rounded $1.80/gal.
The May ICE contract for Brent crude oil was up 60¢, settling at $55.92/bbl. The June contract rose 55¢ to $56.98/bbl. The ICE gas oil contract for April climbed $2 to $527.75/tonne.
The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes on Mar. 23 was $50.30/bbl, up 37¢.
Contact Paula Dittrick at [email protected].
Paula Dittrick is editor of OGJ’s Unconventional Oil & Gas Report.
