MARKET WATCH: NYMEX crude reaches above $66/bbl; Brent holds at $76/bbl
Crude oil prices gained slightly on the New York market and held steady in London June 11 while oil traders and analysts awaited the June 12 release of the Organization of Petroleum Exporting Countries’ latest monthly oil market report.
Saudi Arabia and Russia reportedly have begun to ramp up oil production after complying with production-cut targets agreed upon by OPEC members and some other countries, including Russia.
The targets are scheduled to expire Dec. 31 but geopolitical risks to supply from Iran and Venezuela has led Saudi Arabia and Russia to reconsider production levels in recent weeks. Officials from OPEC and Russia are scheduled to meet in Vienna next week to reassess the agreement. An OPEC meeting is scheduled June 22 with earlier sessions scheduled June 20-21.
The International Energy Agency also is scheduled to release its own monthly oil market report this week. The US Energy Information Administration will release its weekly oil and products inventory on June 13.
Energy prices
The July light, sweet crude contract on the New York Mercantile Exchange gained 36¢ to settle at $66.10/bbl on June 11. The August price was up 36¢ to $66.03/bbl.
The NYMEX natural gas price for July gained 6¢ to a rounded $2.95/MMbtu. The Henry Hub cash gas price rose 9¢ to $2.95/MMbtu on June 11.
Ultralow-sulfur diesel for July edged down less than a penny to remain at a rounded $2.16/gal. The NYMEX reformulated gasoline blendstock for July dropped 1¢ to a rounded $2.10/gal.
Brent crude oil for August held unchanged at $76.46/bbl on London’s International Commodity Exchange. The September contract also held unchanged at $76.19/bbl. The gas oil contract for July was $665.50/tonne.
OPEC’s basket of crudes was $73.96/bbl on June 11, down 26¢.
Contact Paula Dittrick at [email protected].
About the Author
Paula Dittrick
Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.