Light, sweet crude oil rose modestly for the November contract to settle above $71/bbl on the New York market Oct. 12 while Brent crude oil for the December contract held above $80/bbl in London.
Crude oil prices continued their upward momentum in early trading Oct. 15 after US President Donald Trump said the US would impose “severe punishment” on Saudi Arabia if an investigation implicates the Saudi government in the suspected killing of a dissident Saudi journalist.
“Growing tensions over the disappearance of journalist Jamal Khashoggi at the Saudi consulate in Istanbul have proved supportive for oil prices,” Warren Patterson, ING Bank commodities strategist, told the Wall Street Journal.
Khashoggi disappeared after entering the Saudi consulate in Istanbul on Oct. 2. Turkish officials say they have audio and video recordings indicating Khashoggi was killed inside the consulate.
Energy prices
The light, sweet crude contract for November delivery on the New York Mercantile Exchange added 37¢ to $71.34/bbl on Oct. 12. The December contract gained 37¢ to settle at $71.18/bbl.
The NYMEX natural gas price for November dropped 6¢ to a rounded $3.16/MMbtu.
Ultralow-sulfur diesel for November fell 1¢ to a rounded $2.32/gal. The NYMEX reformulated gasoline blendstock for November gained nearly 1¢ to settle at a rounded $1.94/gal.
Brent crude oil for December increased 17¢ to $80.43/bbl on London’s International Commodity Exchange. The January contract gained 20¢ to $80.07/bbl. The gas oil contract for November fell $3.50 on Oct. 12 to close at $718/tonne.
The Organization of Petroleum Exporting Countries’ basket of crudes for Oct. 12 averaged $79.36/bbl, down 78¢.
Contact Paula Dittrick at [email protected].
