Crude prices climbed to more than 3-year highs for the week ended Apr. 13 before US-led air strikes on Syria, but oil prices dropped by more than $1/bbl in both London and New York Apr. 16.
Analysts said tensions about Syria eased after Russia—a key Syrian ally—did not retaliate.
Giovanni Staunovo, commodity analyst at UBS Wealth Management, said the oil market is in a “wait-and-see mode.”
He said oil traders and analysts also are monitoring whether US President Donald Trump moves to reimpose economic sanctions on Iran next month.
Energy prices
The May light, sweet crude contract on the New York Mercantile Exchange fell $1.17 on Apr. 16 to settle at $66.22/bbl. The June contract declined $1.13 to $66.20/bbl.
The NYMEX natural gas price for May gained a rounded 2¢ to 2.75/MMbtu. The Henry Hub cash gas price was up 5¢ to $2.82/MMbtu.
Ultralow-sulfur diesel for May decreased by 3¢ to $2.07/gal. The NYMEX reformulated gasoline blendstock for May fell 2.5¢ to a rounded $2.04/gal.
Brent crude oil for June dropped $1.16 to settle at $71.42/bbl on London’s International Commodity Exchange. The July contract was down $1.12 to $70.81/bbl. The gas oil contract for April was $633.25/tonne, down $9.25.
The Organization of Petroleum Exporting Countries’ basket of crudes averaged $68.41/bbl on Apr. 16, down 88¢.
Contact Paula Dittrick at [email protected].
