MARKET WATCH: Oil benchmarks rise slightly pending US inventory
Benchmark crude oil prices edged up on both London and New York markets Mar. 12 pending release of the weekly US government report on oil and product inventory levels. The US Energy Information Administration was scheduled Mar. 13 to release its weekly data.
During CERAWeek by IHS Market in Houston Mar. 11, the International Energy Agency suggested a “second U.S. shale revolution is coming,” with US production expected to account for 70% of world production capacity in about 5 years.
Analysts polled by S&P Global Platts said they expected a climb of 3.3 million bbl for the week ended Mar. 8.
The American Petroleum Institute on Mar. 12 estimated crude inventories fell 2.6 million bbl for the week ended Mar. 8.
Energy prices
The April contract for light, sweet crude oil on the New York Mercantile Exchange increased 8¢ to settle at $56.87/bbl on Mar. 12. The contract for May delivery also gained 8¢ to settle at $57.20/bbl.
NYMEX natural gas for April increased 1¢ to a rounded $2.78/MMbtu on Mar. 12.
Ultralow-sulfur diesel for April edged down less than 1¢ to a rounded $1.98/gal. The NYMEX reformulated gasoline blendstock for April dropped 1¢ to $1.81/gal.
Brent crude for May delivery increased 9¢ to $66.67 while the June contract increased 10¢ to settle at $66.58/bbl.
The gas oil contract for March was unchanged at $612/tonne on Mar. 12 compared with Mar. 11.
The average price for OPEC’s basket of crudes was $66.30/bbl on Mar. 12, up 29¢.
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.