MARKET WATCH: Crude oil benchmarks trade mixed, settle flat
Oil benchmark prices traded mixed on Oct. 3 with light, sweet crude oil prices declining on the New York market while Brent crude oil prices gained slightly in London. Overall, oil prices held fairly flat compared with Oct. 2 settlements.
US oil futures have declined since Sept. 30 when they settled at $54.07/bbl. As of the Oct. 3 settlements, Brent’s premium to NYMEX crude for December delivery was about $5.50/bbl.
On Oct. 4, the US Bureau of Labor Statistics said the US added 136,000 nonfarm payrolls in September. Current unemployment dropped to 3.5%.
Ongoing US-China trade tensions have added pressure to a labor market that analysts expected to slow this year as US officials reduce stimulus measures.
Energy prices
Light, sweet crude oil prices on the New York Mercantile Exchange for November fell 19¢ to $52.31/bbl on Oct. 3 while the December contract dropped 15¢ to $52.22/bbl.
The November natural gas price gained 8¢ to a rounded 2.33/MMbtu on Oct. 3.
Ultralow-sulfur diesel for November edged up less than 1¢ to remain at a rounded $1.87/gal. The NYMEX reformulated gasoline blendstock for November rose 1¢ to $1.55/gal.
Brent crude for December gained 2¢ to $57.71/bbl. The January contract also was up 2¢ to settle at $57.06/bbl.
Gas oil for October dropped $4.25 to $566.25/tonne on Oct. 3. The Organization of Petroleum Exporting Countries’ basket of crudes on Oct. 3 was $57.96/bbl, down 76¢.
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.
