MARKET WATCH: NYMEX, Brent oil prices gain more than $1/bbl

Light, sweet crude oil futures gained more than $1/bbl on Nov. 17 on the New York market as did Brent crude oil futures in London that same day. But oil prices ended lower for the week for the first time in 6 weeks. Recently, oil prices rallied to break above $60/bbl for the first time in more than 2 years.

Light, sweet crude oil futures gained more than $1/bbl on Nov. 17 on the New York market as did Brent crude oil futures in London that same day.

But oil prices ended lower for the week for the first time in 6 weeks. Recently, oil prices rallied to break above $60/bbl for the first time in more than 2 years.

Analysts attributed the rally to geopolitical tensions in Saudi Arabia and to oil investors’ expectations of an extension to production-cut targets made by major producers. The targets are intended to support oil prices.

The Organization of Petroleum Exporting Countries and other producers, including Russia, meets in Vienna Nov. 30 to review whether to extend existing production-cut targets, which are due to expire in March 2018.

Energy prices

The December light, sweet crude contract on the New York Mercantile Exchange climbed $1.41 on Nov. 17 to $56.14/bbl. The January 2018 contract gained $1.36 to $56.71/bbl.

The NYMEX natural gas price for December rose 4¢ to a rounded $3.10/MMbtu. The Henry Hub cash gas price was $3.05/MMbtu, down 1¢.

Heating oil for December climbed 4¢ to $1.94/gal. The NYMEX reformulated gasoline blendstock for December gained 3¢ to a rounded $1.74/gal.

The Brent crude contract for January 2018 on London’s ICE increased $1.36 to $62.72/bbl. The February 2018 contract was up $1.26 to $62.55/bbl. The gas oil contract for December was down $1 to $555.75/tonne.

OPEC’s basket of crudes on Nov. 17 was $59.90/bbl, down 8¢.

Contact Paula Dittrick at paulad@ogjonline.com.

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