MARKET WATCH: NYMEX, Brent oil prices drop modestly

Oil prices dropped modestly on the London and New York futures markets Jan. 26 as the trading sessions for US light, sweet crude oil veered between gains and losses before closing down for the day.
Jan. 27, 2015
2 min read

Oil prices dropped modestly on the London and New York futures markets Jan. 26 as the trading sessions for US light, sweet crude oil veered between gains and losses before closing down for the day.

A statement from an Organization of Petroleum Exporting Countries spokesman caught the attention of traders and analysts, who said the comment from OPEC seemed to support oil prices.

“I think maybe they reached the bottom and will see some rebound very soon,” OPEC Sec. Gen. Abdalla Salem el-Badri told Reuters news service during a Jan. 26 interview on oil prices.

The New York Mercantile Exchange crude oil contract for March delivery fell 44¢ on Jan. 26, closing at $45.15/bbl. The April contract dropped 44¢ to $45.88/bbl.

US natural gas prices fell on updated forecasts calling for February to be warmer than previously expected. The drop in gas prices came despite a blizzard in the New York region.

The NYMEX gas contract for February was down 10.5¢ to a rounded $2.88/MMbtu. Meanwhile, the cash gas price at Henry Hub, La., was $2.93/MMbtu on Jan. 26, down 3¢.

Heating oil for February edged down by less than a penny to a rounded $1.64/gal. Reformulated gasoline stock for oxygenate blending for February was down 3¢ to a rounded $1.32/gal.

The March ICE contract for Brent crude oil declined 63¢ to settle at $48.16/bbl. The April contract dropped 56¢ to $49.38/bbl. The ICE gas oil contract for February was down $1.75 to $475.25/tonne.

The average price for OPEC’s basket of 12 benchmark crudes on Jan. 26 was $42.90/bbl, down 79¢ from the previous day.

Contact Paula Dittrick at [email protected].

*Paula Dittrick is editor of OGJ’s Unconventional Oil & Gas Report.

About the Author

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.

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