Light, sweet crude oil prices increased over $2/bbl on the New York market Dec. 4 after a US government report showed oil inventories, excluding the Strategic Petroleum Reserve, decreased by 4.9 million bbl for the week ended Nov. 29.
The US Energy Information Administration estimated the oil inventory at 447.1 million bbl, putting crude oil supplies 3% above the 5-year average for this time of year (OGJ Online, Dec. 4, 2019).
The light, sweet crude contract for January on the New York Mercantile Exchange was up $2.33 to $58.43/bbl on Dec. 4. The February contract was up $2.31 to settle at $58.34/bbl.
The NYMEX natural gas price for January fell 4¢ to a rounded $2.40/MMbtu. The February contract was down 3¢ to $2.37/MMbtu.
Ultralow-sulfur diesel for January increased 4¢ to $1.92/gal. The NYMEX reformulated gasoline blendstock for January increased 4¢ to $1.60/gal.
Brent crude oil for February was up $2.18 to $63.00/bbl on London’s International Commodity Exchange. The March contract was up $2.09 to $62.20/bbl.
The gas oil contract for December was $579.00/tonne on Dec. 4, up $9.00.
The Organization of Petroleum Exporting Countries’ basket of crudes for Dec. 4 was $63.39/bbl, down 82¢ from the previous day.
