MARKET WATCH: NYMEX crude for May settles at $64/bbl

Light sweet crude prices on the New York market gained to settle at $64/bbl on Apr. 18, marking the second time in 3 days that the benchmark has reached or broken above that level.

Apr 19th, 2019

Light sweet crude prices on the New York market gained to settle at $64/bbl on Apr. 18, marking the second time in 3 days that the benchmark has reached or broken above that level.

Brent crude oil for June also rose to settle just under $72/bbl for the second time in 3 days.

“I think it’s pretty clear that tightening supplies and receding fears of demand growth is a boost to the market to these 5-month highs,” Gene McGillian, Tradition Energy vice-president of market research in Stamford, Conn., told Reuters.

The US drilling rig count dropped 10 units to reach 1,012 rigs working for the week ended Apr. 18, Baker Hughes reported in its weekly rig count, releases a day early because of the Good Friday holiday Apr. 19 (OGJ Online, Apr. 18, 2019).

The count was down 1 unit from the 1,013 rigs working at the same time a year ago.

Energy prices

The May contract for light, sweet crude oil on the New York Mercantile Exchange increased 24¢ to settle at $64 on Apr. 18. The price for June delivery rose 20¢ to settle at $64.07/bbl.

NYMEX natural gas for May dropped nearly 3¢ to a rounded $2.49/MMbtu.

Ultralow-sulfur diesel for May edged up by less than 1¢ to remain at a rounded $2.07/gal. The NYMEX reformulated gasoline blendstock for May increased 3¢ to settle at $2.07/gal.

Brent crude for June gained 35¢ to settle at $71.97/bbl. The July price increased 34¢ to settle at $71.43/bbl.

The gas oil contract for May decreased $1.50 to $635.50/tonne on Apr. 18.

OPEC’s basket of crudes for Apr. 18 was unavailable because the OPEC offices were closed Apr. 19.

Contact Paula Dittrick at paulad@ogjonline.com

More in General Interest