MARKET WATCH: NYMEX crude for May ends week approaching $64/bbl

April 15, 2019
Light, sweet crude oil prices gained moderately on Apr. 12 to settle at nearly $63.90/bbl for the May contract while Brent for June gained on the London market to settle above $71/bbl. US natural gas futures prices edged down on Apr. 12 following the Apr. 11 release of the US Energy Information Administration’s Weekly Natural Gas Storage Report, which showed a build in underground gas storage across the Lower 48.

Light, sweet crude oil prices gained moderately on Apr. 12 to settle at nearly $63.90/bbl for the May contract while Brent for June gained on the London market to settle above $71/bbl.

US natural gas futures prices edged down on Apr. 12 following the Apr. 11 release of the US Energy Information Administration’s Weekly Natural Gas Storage Report, which showed a build in underground gas storage across the Lower 48.

Working gas in storage was 1.15 tcf as of Apr. 5, marking a net increase of 25 bcf from the previous week. Storage levels were 183 bcf less than for the same period during 2018 and 485 bcf below the 5-year average of 1.64 tcf.

In its separate Natural Gas Weekly Update, EIA reported US gas production fell 0.8 bcfd to 88.9 bcfd for the week ended Apr. 10 compared with the previous week. EIA reports US gas supply by weeks ending on Wednesday.

Energy prices

The May contract for light, sweet crude oil on the New York Mercantile Exchange gained 31¢ to settle at $63.89/bbl on Apr. 12. The price for June delivery was up 35¢ to settle at $64.02/bbl.

NYMEX gas for May edged down less than 1¢ to remain at a rounded $2.66/MMbtu.

Ultralow-sulfur diesel for May nudged up by less than a penny to remain at a rounded $2.07/gal. The NYMEX reformulated gasoline blendstock for May edged up less than 1¢ to settle at a rounded $2.04/gal.

Brent crude for June gained 72¢ to settle at $71.55/bbl. The July price also rose 66¢ to settle at $71.06/bbl.

The gas oil contract for May gained 25¢ to $633/tonne on Apr. 12.

The Organization of Petroleum Exporting Countries’ basket of crudes for Apr. 12 was $70.44/bbl, up 3¢.

Contact Paula Dittrick at [email protected].