MARKET WATCH: NYMEX crude oil for November drops nearly $2/bbl
Light, sweet crude oil for November delivery fell nearly $2 on the New York market Sept. 30 to settle just above $54/bbl on concerns that US President Donald Trump is considering actions that could escalate the US-China trade dispute.
Bloomberg has reported that Trump’s administration is considering more extreme measures against China, including possibly limiting US investments in China. Although no decision has been made, Bloomberg reported that the president told advisers to explore options.
Meanwhile, Trump said he did delay the imposition of rising tariffs on $250 billion in Chinese goods to Oct. 15 from Oct. 1, calling the delay a gesture of good will.
Chinese Vice-Premier Liu He, scheduled to represent China in US-China trade talks on Oct. 10-11, had asked for a delay on the new tariffs.
Speaking at the United Nations in New York last week, Trump accused China of unfair trade practices and said he would reject a “bad deal” in upcoming negotiations.
Energy prices
Light, sweet crude oil prices on the New York Mercantile Exchange for November decreased $1.84 to $54.07/bbl on Sept. 30 while the December contract fell $1.18 to $53.98/bbl.
The November natural gas price dropped by 7¢ to $2.33/MMbtu on Sept. 30.
Ultralow-sulfur diesel for October declined more than 3¢ to a rounded $1.91/gal. The NYMEX reformulated gasoline blendstock for October fell more than 4¢ to $1.61/gal.
Brent crude for November held unchanged at $61.91/bbl. The December contract fell $1.79 to settle at $59.25/bbl.
Gas oil for October dropped $12 to $590.25/tonne on Sept. 30. The average for the Organization of Petroleum Exporting Countries’ basket of crudes for Sept. 30 was $61.09/bbl, down $1.42.
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.
