MARKET WATCH: NYMEX, Brent oil prices continue fall

May 31, 2019
Light sweet crude prices on the New York market and Brent crude prices in London both fell by more than $2/bbl to settle lower May 30 following a smaller-than-expected decline in US crude supplies.

Light sweet crude prices on the New York market and Brent crude prices in London both fell by more than $2/bbl to settle lower May 30 following a smaller-than-expected decline in US crude supplies.

On May 30, the US Energy Information Administration reported a decline in US crude oil inventories of 300,000 bbl from the previous week. Analysts surveyed by the Wall Street Journal forecasted, on average, a decline of 1 million bbl for the week ended May 24. At 476.5 million bbl, the small decline increased the US crude oil inventories spread by one percentage point to 5% (OGJ Online, May 30, 2019).

Crude oil on the New York Mercantile Exchange for July fell $2.22 to settle at $56.59/bbl on May 30 while the August contract dropped $2.21 to settle at $56.74/bbl.

NYMEX natural gas for July fell 8¢ to settle at $2.55/MMbtu.

Ultralow-sulfur diesel for June declined 5¢ to a rounded $1.92/gal. The NYMEX reformulated gasoline blendstock for June fell a 7¢ to a rounded $1.88/gal.

Brent crude for July was down $2.58 to $66.87/bbl. The August price decreased $2.54 to settle at $65.33/bbl.

The gas oil contract for June fell $7.75 to $598/tonne on May 30.

The average for the Organization of Petroleum Exporting Countries’ basket of crudes was $67.10/bbl on May 30, down 65¢.