Light, sweet crude oil prices on the New York market gained on Apr. 1 to settle more than $1/bbl higher with both May and June contracts closing above $61/bbl. Brent prices in London also rose by more than $1/bbl for June and July.
The Brent contract for June delivery closed above $69/bbl, marking Brent’s highest close since Nov. 12, 2018.
Oil prices jumped to their highest level in nearly 5 months Apr. 1, which analysts attributed to indicators that world oil demand could pick up while oil supplies tighten.
China said its manufacturing activity rose in March after February activity was the lowest in 3 years.
Separately, US factory activity also accelerated. The Institute for Supply Management said its manufacturing index rose to 55.3 in March from 54.2 in February,
Energy prices
The May contract for light, sweet crude oil on the New York Mercantile Exchange jumped $1.45 to settle at $61.59/bbl on Apr. 1. The price for June delivery gained $1.43 to settle at $61.88/bbl.
NYMEX natural gas for May increased nearly 5¢ to a rounded $2.71/MMbtu.
Ultralow-sulfur diesel for May rose 1.7¢ to at rounded $1.99/gal. The NYMEX reformulated gasoline blendstock for April edged up less than a penny to remain at a rounded $1.90/gal.
Brent crude for June contract rose $1.43 to settle at $69.01/bbl and the July price also rose $1.43 to settle at $68.59/bbl.
The gas oil contract for April gained $1.50 to settle at $606.75/tonne on Apr. 1. The Organization of Petroleum Exporting Countries’ basket of crudes for Apr. 1 was $68.31/bbl, up $1.08.
Contact Paula Dittrick at [email protected].
