MARKET WATCH: Crude oil futures price dips, gas price rises

The New York Mercantile Exchange February crude contract declined 21¢ on Jan. 16, closing at $93.96/bbl. The March contract fell 25¢ to settle at $94.10/bbl.

The New York Mercantile Exchange February crude contract declined 21¢ on Jan. 16, closing at $93.96/bbl. The March contract fell 25¢ to settle at $94.10/bbl.

Heating oil for February delivery was up half a penny but virtually unchanged at a rounded $2.98/gal. Reformulated gasoline stock for oxygenate blending for February delivery was down 3.13¢ to rounded $2.60/gal.

The February natural gas contract on NYMEX added 5.7¢ to reach a rounded $4.38/MMbtu. On the US spot market, the gas price at Henry Hub was a rounded 4.53/MMbtu, an increase of 9.9¢.

In London, the February ICE contract for Brent crude oil dropped 4¢, closing at $107.09/bbl. The March Brent contract relinquished 52¢ to settle at $105.75/bbl. The ICE gas oil contract for February lost $6.25 to $907.50/tonne.

The Organizational of Petroleum Exporting Countries reported its basket of 12 benchmark crudes was $104.47/bbl on Jan. 16, 12¢ higher than the previous day.

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