Oil prices rose on markets in New York and London Apr. 26. Brent crude oil futures were up 44¢ at $74.44/bbl from their last close, while West Texas Intermediate crude futures were up 31¢ to $68.36/bbl.
As was the case the day prior, prices rose as the market anticipates the US sanctions against Iran, and mounting woes in Venezuela.
Venezuela remains in political and economic turmoil. The country’s production, according to the US Energy Information Administration’sApril Short-Term Energy Outlook, averaged 1.5 million b/d in March, 24% down from a year earlier.
Companies continue to trim operations in the country, and on Apr. 26 ConocoPhillips reported that it received confirmation through international arbitration that Petroleos de Venezuela SA owes it $2.04 billion as contractual compensation for Venezuelan properties nationalized in 2007 (OGJ Online, Apr. 24, 2018, Apr. 26, 2018).
The June light, sweet crude contract on the NYMEX gained 14¢ on Apr. 26 to settle at $68.19/bbl.
The NYMEX natural gas price for May edged up 3¢ to a rounded $2.82/MMbtu. The Henry Hub cash gas price was $2.80/MMbtu on Apr. 26, up 1¢.
Ultralow-sulfur diesel for May was down 4¢ to a rounded $2.10/gal. The NYMEX reformulated gasoline blendstock for May rose 2¢ to a rounded $2.11/gal.
Brent crude oil for June increased 74¢ to settle at $74.74/bbl on London’s International Commodity Exchange. The July contract was up 65¢ to $73.88/bbl. The gas oil contract for May was $657.75 $648/tonne, up $9.75.
The Organization of Petroleum Exporting Countries’ basket of crudes averaged $71/bbl on Apr. 26, down 50¢.