MARKET WATCH: NYMEX crude price rises, Brent crude oil prices drop
Light, sweet crude oil for June delivery gained modestly to settle around $63.50/bbl on the New York market Apr. 29 while the Brent contract for June fell 11¢ to $72.04/bbl on the London market. The modest gain in the US benchmark ended a three-session declining streak.
Analysts said oil prices ended mixed Apr. 29 while oil investors considered the possibility that the Organization of Petroleum Exporting Countries and other major producers might increase production.
US President Donald Trump said he recently spoke with Saudi Arabia and others about increasing production to keep oil and gasoline prices from rising.
Meanwhile, energy ministers of various major oil-producing countries have said OPEC will wait to assess how tightening unilateral US sanctions on Iran influence oil markets.
JBC Energy analysts said, “The heavy falls in crude pricing [Apr. 26] likely included a large element of profit-taking following the last week’s strong rises, and we will need to wait and see whether there is any tangible response from the OPEC+ group before assessing whether President Trump’s phone call will have any lasting impact on prices.”
The US benchmark contract for July fell $1.90/bbl on Apr. 26 while the July Brent contract fell by $2/bbl.
Energy prices
The June contract for light, sweet crude oil on the New York Mercantile Exchange gained 20¢ to settle at $63.50 on Apr. 29. The price for July delivery was up 19¢ to settle at $63.57/bbl.
NYMEX natural gas for June gained 1¢ to $2.59/MMbtu. The May contract has expired.
Ultralow-sulfur diesel for May edged up by less than a penny to remain at a rounded $2.05/gal. The NYMEX reformulated gasoline blendstock for May fell 2¢ to a rounded $2.08/gal.
Brent crude for June was down 11¢ to settle at $72.04/bbl. The July price dropped 9¢/bbl to settle at $71.54/bbl.
The gas oil contract for May increased $7.25 to $630.50/tonne on Apr. 29. The average for OPEC’s basket of crudes was $71.07, down $1.31 on Apr. 29.
Contact Paula Dittrick at [email protected].
Paula Dittrick | Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.
