MARKET WATCH: NYMEX January crude contract nears $59/bbl

Nov. 27, 2017
The light, sweet crude oil contract for January delivery gained nearly $1/bbl on Nov. 24 on the New York market after a government report earlier in the week showed a fall in the US crude oil inventory.

The light, sweet crude oil contract for January delivery gained nearly $1/bbl on Nov. 24 on the New York market after a government report earlier in the week showed a fall in the US crude oil inventory.

The US Energy Information Administration on Nov. 22 estimated crude supplies fell 1.9 million bbl for the week ended Nov. 17.

Analysts surveyed by S&P Global Platts had anticipated a decline of 2.1 million bbl. The American Petroleum Institute on Nov. 21 estimated a drop of 6.4 million bbl in US crude oil supplies.

Market participants await a Nov. 30 meeting of the Organization of Petroleum Exporting Countries.

OPEC members and non-OPEC producers, including Russia, are widely expected by analysts to extend production-cut targets beyond its March 2018 expiration.

Energy prices

The January 2018 light, sweet crude contract on the New York Mercantile Exchange jumped 93¢ on Nov. 24 to $58.95/bbl. The February 2018 contract rose 89¢ to $58.91/bbl.

The NYMEX natural gas price for December decreased 15¢ to a rounded $2.81/MMbtu. The Henry Hub cash gas price was unavailable.

Heating oil for December gained 2¢ to a rounded $1.95/gal. The NYMEX reformulated gasoline blendstock for December rose 2¢ to a rounded $1.78/gal.

The Brent crude contract for January 2018 on London’s ICE increased 31¢ to $63.86/bbl. The February 2018 contract was up 23¢ to $63.47/bbl.

The gas oil contract for December was up $2.50 to $558.50/tonne.

OPEC’s basket of crudes $61.64/bbl on Nov. 24, up 50¢.

Contact Paula Dittrick at [email protected].