MARKET WATCHCrude prices rally for fourth consecutive session
Sam Fletcher
Senior Writer
HOUSTON, Dec. 1 -- Crude energy futures prices increased Nov. 30 in the fourth consecutive trading session on the New York market as freezing weather continued to push across the US.
The National Weather Service predicted below-normal temperatures in the eastern US over the next 2 weeks. However, analysts in the Houston office of Raymond James & Associates Inc. reported profit taking from the recent rally was pushing down prices in crude and natural gas futures in early trading Dec. 1 in New York.
During November—the first complete month of the current heating season—temperatures averaged 4.7% colder than last year, but 9.1% warmer than normal, said weather forecasters.
Meanwhile, Iraq's oil production again has been disrupted following a mortar attack Nov. 27 that ignited storage tanks at the Arafa oil facility north of Kirkuk.
Energy prices
The January contract for benchmark US light, sweet crudes climbed by 67¢ to $63.13/bbl Nov. 30 on the New York Mercantile Exchange. The February contract rose by 80¢ to $64.62/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was up by 67¢ to $63.14/bbl. Unleaded gasoline for December delivery traded at $1.66-2.20/gal Nov. 30 on NYMEX before closing at $1.81/gal, up by 14.85¢ for the day. Heating oil for the same month gained 1.8¢ to $1.81/gal.
The January natural gas contract traded as high as $9.05/MMbtu on NYMEX, before closing at $8.84/MMbtu, down by 2.7¢ in that session on forecasts of more moderate weather following the current cold snap.
In London, the January IPE contract for North Sea Brent crude gained $1.19 to $64.26/bbl. The December gas oil contract was up by $11.25 to $566.75/tonne.
The average price for the Organization of Petroleum Exporting Countries' basket of 11 benchmark crudes increased to $58.71/bbl on Nov. 30 from a revised average of $57.32/bbl on Nov. 29.
Contact Sam Fletcher at [email protected].