Crude oil prices were steady Friday on both the New York and London markets Oct. 5 with light, sweet crude and Brent crude prices hovering a within a 10¢-range of the previous day’s prices. The calm comes after a volatile week as traders appeared focused on declining Iranian oil exports despite a build in US inventories.
Full implementation of US oil sanctions against Iran are scheduled for early November. Venezuela oil production also continues to fall.
While prices may continue to rise in October, Barclays analysts said in a note, "The recent increase in prices has gone too far,” and “the market is ripe for a correction.”
Increases could continue, “leading US policymakers, consumers, OPEC and Saudi Arabia to react,” the analysts said.
Energy prices
The light, sweet crude contract for November delivery on the New York Mercantile Exchange was up 1¢ to $74.34/bbl on Oct. 5. The December contract was also up 1¢ to settle at $74.26/bbl.
The NYMEX natural gas price for November was down 2¢ to a rounded $3.14/MMbtu. The Henry Hub cash gas was unavailable.
Ultralow-sulfur diesel for November fell less than 1¢ to a rounded $2.39/gal. The NYMEX reformulated gasoline blendstock for November decreased just over 1¢ to settle at a rounded $2.09/gal.
Brent crude oil for December dropped 42¢ to $84.16/bbl on London’s International Commodity Exchange. The January contract fell 37¢ to $83.79/bbl. The gas oil contract for October fell $2.00 to $741.25/tonne.
OPEC’s basket of crudes for Oct. 5 averaged $83.24/bbl, down 85¢.