MARKET WATCH: Oil futures down on larger than expected inventory build
Benchmark crude oil prices decreased slightly Nov. 14 on markets in London and New York on larger than expected US crude oil inventory build.
“Oil prices fell after the EIA reported a 2.2 MMbbl build in crude stocks, higher than consensus estimates,” AEGIS said in a note Nov. 15.
“The third straight crude build wasn’t the only bearish statistic released,” Nov. 14, AEGIS said. “The EIA reported US crude production rose by 200,000 b/d to 12.8 MMb/d—a record high in the weekly estimates,” AEGIS noted.
The light, sweet crude contract for December on the New York Mercantile Exchange was down 35¢ to $56.77/bbl on Nov. 14. The January contract was down 32¢ to settle at $56.88/bbl.
Brent crude oil for January was down 9¢ to $62.28/bbl on London’s International Commodity Exchange. The February contract was down 13¢ to $61.41/bbl.
The NYMEX natural gas price for December gained almost 5¢ to a rounded $2.65/MMbtu. The January contract was up almost 3¢ to a rounded $2.72/MMbtu.
Ultralow-sulfur diesel for December increased less than a penny to a rounded $1.92/gal. The NYMEX reformulated gasoline blendstock for December was down 2¢ to a rounded $1.62/gal.
The gas oil contract for December was up $5.50 at $580.75/tonne on Nov. 14.
The Organization of Petroleum Exporting Countries’ basket of crudes for Nov. 14 was $63.00/bbl, up 52¢.
About the Author
Mikaila Adams
Managing Editor, Content Strategist
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was later named Managing Editor - News. Her role has expanded into content strategy. She holds a degree from Texas Tech University.