Oil prices were down on markets in New York and London Apr. 27. After a slight dip to settle at $74.64/bbl, Brent crude futures aren’t far from the $75/bbl-level last reached in late 2014. US West Texas Intermediate crude also settled downward at $68.10/bbl.
Low volatility during the week is being driven by speculation about whether US President Donald Trump will reimpose sanctions on Iran, thus possibly disrupting global oil supply. The president is set to decide by May 12.
“That’s the biggest factor right now that’s driving the market,” said Tortoise Capital’s Rob Thummel in a Reuters report. “The market is just kind of waiting on that.”
The June light, sweet crude contract on the NYMEX fell 9¢ on Apr. 27 to settle at $68.10/bbl. The July price was down 10¢ to settle at $67.98/bbl.
The NYMEX natural gas price for June settled at a rounded $2.77/MMbtu. The Henry Hub cash gas price was $2.77/MMbtu on Apr. 27, down 3¢.
Ultralow-sulfur diesel for May settled to a rounded $2.15/gal. The NYMEX reformulated gasoline blendstock for May rose 1¢ to a rounded $2.13/gal.
Brent crude oil for June fell 10¢ to settle at $74.64/bbl on London’s International Commodity Exchange. The July contract was down 9¢ to $73.79/bbl. The gas oil contract for May was $655.50/tonne, down $2.25.
The Organization of Petroleum Exporting Countries’ basket of crudes stood at $71.24/bbl on Apr. 27, up 24¢.