Light, sweet crude oil prices on the New York market gained on Apr. 2, with both May and June contracts closing close to $1/bbl higher. Brent prices in London also rose for June and July contracts. The increases mark record 2019 highs for the second day in a row as concerns continue over cuts by members of the Organization of Petroleum Exporting Countries as well as Venezuelan disruptions.
Additional sanctions against Iran—the fourth-largest producer in OPEC—are being considered by the US, while a crude terminal in Venezuela, also under US sanctions, again halted operations as power issues in the country continue. Venezuela, too, is facing additional US sanctions following what the US perceives as a kidnapping of Juan Guido’s chief of staff. The sanctions target Venezuela’s banking sector, potentially cutting the country out of international financial markets and adding to concerns.
Energy prices
The May contract for light, sweet crude oil on the New York Mercantile Exchange jumped 99¢ to settle at $62.58/bbl on Apr. 2. The price for June delivery gained 90¢ to settle at $62.61/bbl.
NYMEX natural gas for May fell 2¢ to a rounded $2.68/MMbtu.
Ultralow-sulfur diesel for May rose 2¢ to a rounded $2.01/gal. The NYMEX reformulated gasoline blendstock for May edged up less almost 3¢ to settle at a rounded $1.93/gal.
Brent crude for June contract rose 36¢ to settle at $69.37/bbl and the July price rose 34¢ to settle at $68.93/bbl.
The gas oil contract for April jumped $7 to settle at $613.75/tonne on Apr. 2. OPEC’s basket of crudes for Apr. 2 was $68.83/bbl, up 52¢.
