The light, sweet crude oil contract for January delivery gained slightly on the New York market Dec. 5, moving closer to $58/bbl while Brent crude oil for February also gained but still held below $63/bbl.
The American Petroleum Institute estimated crude oil supplies decreased by 5.5 million bbl for the week ended Dec. 1.
The US Energy Information Administration was scheduled to release its weekly inventory estimate on Dec. 6.
Commerzbank analysts suggest market participants will be watching US oil production as well as the inventory levels.
US oil production is “likely to have increased further, possibly reaching 9.7 million b/d for the first time on a weekly data basis,” Commerzbank said in a Dec. 6 note.
Energy prices
The January 2018 light, sweet crude contract on the New York Mercantile Exchange rose 15¢ on Dec. 5 to $57.62/bbl. The February 2018 contract gained 18¢ to $57.67/bbl.
The NYMEX natural gas price for January decreased 7¢ to a rounded $2.91/MMbtu. The Henry Hub cash gas price was $2.86/MMbtu, down 4¢.
Heating oil for January gained a rounded 2¢ to $1.91/gal. The NYMEX reformulated gasoline blendstock for January rose 2¢ to a rounded $1.72/gal.
The Brent crude contract for February 2018 on London’s ICE increased 41¢ to $62.86/bbl. The March 2018 contract was up 40¢ to $62.64/bbl.
The gas oil contract for December was $555.25/tonne, up 75¢.
The Organization of Petroleum Exporting Countries’ basket of crudes was $60.87/bbl on Dec. 5, down 58¢.
Contact Paula Dittrick at [email protected].
