Light, sweet crude prices for March delivery fell slightly to settle just above $54/bbl on Jan. 31 with trade concerns again in the spotlight.
In a session to sign an executive order that recommends federal money earmarked for infrastructure projects be directed to American companies, US President Donald Trump told reporters at the White House a trade deal with China would be a big one, or “one we’ll just postpone for a little while.”
Meetings ahead of a Mar. 1 date to increase tariffs on Chinese imports took place in Washington Jan. 30-31, but Trump indicated a deal would not be struck before meeting with President Xi Jinping.
Energy prices
The March contract for light, sweet crude oil on the New York Mercantile Exchange dropped 44¢ to settle at $53.79/bbl on Jan. 31 while the April contract dropped 43¢ to settle at $54.04/bbl.
NYMEX natural gas for March decreased 4¢ to close at a rounded $2.81/MMbtu on Jan. 31.
Ultralow-sulfur diesel for February decreased nearly 2¢ to a rounded $1.88/gal. The NYMEX reformulated gasoline blendstock for February fell nearly 2¢ to $1.36/gal.
Brent crude for March delivery rose 24¢ to $61.89/bbl while the April contract dropped 70¢ to settle at $60.84/bbl. The gas oil contract for February increased by $5.75 to $584.50/tonne on Jan. 31.
The average price for the Organization of Petroleum Exporting Countries’ basket of crudes was $61.19/bbl on Jan. 31, up 26¢.
