MARKET WATCH: Brent crude oil drops about $2/bbl, NYMEX about $1.80/bbl
Brent crude oil prices fell more than $2/bbl on the London market and light, sweet crude oil prices fell about $1.80/bbl on the New York markets after US President Donald Trump said oil prices are getting too high.
In a Twitter message, Trump asked the Organization of Petroleum Exporting Countries to “please relax and take it easy. World cannot take a price hike.” President Trump repeatedly has called for lower oil prices to help reduce gasoline prices.
Meanwhile, analysts said oil prices were supported by President Trump’s decision to delay new tariffs on Chinese goods because progress was being made in US-China trade talks regarding intellectual property and technology transfer.
Energy prices
The April contract for light, sweet crude oil on the New York Mercantile Exchange dropped $1.78 to settle at $55.48/bbl on Feb. 25. The contract for May delivery decreased $1.83 to settle at $55.92/bbl.
NYMEX natural gas for March gained nearly 12¢ to a rounded $2.84/MMbtu on Feb. 25.
Ultralow-sulfur diesel for March dropped nearly 6¢ to a rounded $1.97/gal. The NYMEX reformulated gasoline blendstock for March decreased nearly 7¢ to a rounded $1.54/gal.
Brent crude for April delivery dropped $2.36/bbl to settle at $64.76/bbl while the May contract decreased $2.34/bbl to settle at $64.91/bbl. The gas oil contract for March dropped $15 to $607/tonne on Feb. 25.
The average price for the Organization of Petroleum Exporting Countries’ basket of crudes was $65.36/bbl on Feb.25, down $1.20.
Contact Paula Dittrick at [email protected]
About the Author
Paula Dittrick
Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.