Brent crude oil for December delivery fell more than $1 to settle under $76/bbl on the London market on Oct. 30 while light, sweet crude oil prices for December delivery fell modestly to settle under $67/bbl in New York.
But benchmark oil prices rose during Oct. 31 trading, recovering after 2 days of losses. Analysts and traders prepared themselves for full implementation of US sanctions against Iran on Nov. 4. Meanwhile, stock markets appeared to be recovering on Oct. 31 from recent losses although stock markets are expected to end with heavy losses for the month of October. Oil benchmark futures prices also were expected to end down for the month.
As part of its earnings report, oil services giant Halliburton Co. noted third-quarter demand for some services was weaker than expected, weighing on its outlook for the rest of 2018.
The US Energy Information Administration was scheduled on Oct. 31 to release its weekly oil and products inventory report.
The Organization of Petroleum Exporting Country and non-OPEC Joint Ministerial Monitoring Committee was scheduled to meet in Abu Dhabi on Nov. 1 to discuss world oil supply levels.
Energy prices
The December light, sweet crude contract on the New York Mercantile Exchange dropped 86¢ on Oct. 30 to $66.18/bbl. The January contract fell 90¢ to settle at $66.31/bbl.
The NYMEX natural gas price for December was down 1¢ to a rounded $3.19/MMbtu.
Ultralow-sulfur diesel for November decreased 2¢ to a rounded $2.26/gal. The NYMEX reformulated gasoline blendstock for December fell 2¢ to a rounded $1.80/gal.
Brent crude oil for December was down $1.43 to $75.91/bbl on London’s International Commodity Exchange. The January contract dropped $1.42 to $75.95/bbl. The gas oil contract for November fell $9.75 on Oct. 30 to close at $701.75/tonne.
OPEC’s basket of crudes was $75.51/bbl on Oct. 30, up 56¢.
Contact Paula Dittrick at [email protected].
