MARKET WATCH: Oil prices end week lower, range-bound

Crude oil futures prices ended last week lower on the seasonal rise in crude stocks and a plunge in refinery activity, according to analysts.

“The recent spike in the cost of transporting crude oil due to US sanctions against China’s COSCO (now easing) also helped temporarily cutting US exports,” noted Ole Hansen, head of commodity strategy at Saxo Bank. “Overall, we maintain the view that the weak global growth outlook is likely to keep crude oil range-bound around $55/bbl on [West Texas Intermediate] and $60/bbl on Brent,” he said in a research note.

Energy prices

Light, sweet crude oil prices on the New York Mercantile Exchange for November decreased 15¢ to $53.78/bbl on Oct. 18 while the December contract declined 16¢ to $53.87/bbl.

The November natural gas price was virtually unchanged, up just a fraction of a penny, to remain at a rounded $2.32/MMbtu on Oct. 18. The December contract also was up less than a penny to a rounded $2.52/MMbtu.

Ultralow-sulfur diesel for November lost a less than a penny to settle at a rounded $1.95/gal.

The NYMEX reformulated gasoline blendstock for November gained less than a cent to remain at a rounded $1.62/gal.

Brent crude for December lost 49¢ to $59.42/bbl. The January contract was down 37¢ to settle at $59.09/bbl.

Gas oil for November gained $5.25 to $589.25/tonne on Oct. 18.

The Organization of Petroleum Exporting Countries’ basket of crudes on Oct. 18 was up 52¢ to $60.06/bbl.