MARKET WATCH: NYMEX crude oil settles under $63.40/bbl

Feb. 7, 2018
Light, sweet crude oil prices for March delivery settled lower for a third consecutive day on the New York market Feb. 6 after global equity markets plummeted on Feb. 5, with the Dow Jones Industrial Average dropping 1,175 points—its biggest single-session decline on record.

Light, sweet crude oil prices for March delivery settled lower for a third consecutive day on the New York market Feb. 6 after global equity markets plummeted on Feb. 5, with the Dow Jones Industrial Average dropping 1,175 points—its biggest single-session decline on record.

The US Energy Information Administration was scheduled to release its weekly US oil and products inventory on Feb. 7.

The Wall Street Journal reported its survey of traders and analysts showed they expect crude supplies will have increased by 2.5 million bbl for the week ended Feb. 2. Separately, the American Petroleum Institute said Feb. 6 that its own data for the week showed a 1.1 million-bbl decrease in crude supplies.

Energy prices

The March light, sweet crude contract on the New York Mercantile Exchange fell 76¢ on Feb. 6 to settle at $63.39/bbl. The April contract was down 72¢ to $63.11/bbl.

The NYMEX natural gas price for March settled at a rounded $2.76/MMbtu, up 1¢. The Henry Hub cash gas price fell 4¢ to $2.75/MMbtu.

Ultralow-sulfur diesel for March declined by a rounded 3¢ to a rounded $1.98/gal. The NYMEX reformulated gasoline blendstock for March fell 4¢ to a rounded $1.81/gal.

Brent on London’s ICE for April fell 76¢ to $66.86/bbl. The May contract was down 80¢ to $66.48/bbl. The gas oil contract for February declined $1.75 to $595.25/tonne.

The Organization of Petroleum Exporting Countries’ basket of crudes was $64.83/bbl on Feb. 6, down 87¢.

Contact Paula Dittrick at [email protected].