MARKET WATCH: NYMEX crude price climbs to end March near $65/bbl
Light, sweet crude oil prices for May delivery gained by more than 50¢ to approach $65/bbl on the New York market Mar. 29 during the holiday-shortened week that ended the first quarter of 2018.
New York and London commodity markets were closed on Mar. 29. NYMEX crude oil futures have traded above the $60/bbl for much of 2018.
Crude oil prices in late January climbed to $66.66/bbl, the highest price since 2014. In February, the energy commodity briefly fell to its lowest for 2018 so far at $58.07/bbl.
March ended with a drop in the US rig count, marking the first decline for working rigs during the month of March.
Baker Hughes reported its weekly drilling rig count dropped 2 units to 993 during the week ended Mar. 30. The report, released Mar. 29 before the long Easter weekend, showed an overall increase of 169 units from year-ago levels (OGJ Online, Mar. 29, 2018).
Morgan Stanley forecast Brent crude oil will reach $75/bbl during the third quarter following peak refinery maintenance.
Energy prices
The May light, sweet crude contract on the NYMEX rose 56¢ on Mar. 29 to settle at $64.94/bbl. The June contract increased 52¢ to $64.87/bbl.
The NYMEX natural gas price for May gained 3.5¢ to a rounded $2.73/MMbtu. The Henry Hub cash gas price rose 11¢ to $2.75/MMbtu on Mar. 29.
Ultralow-sulfur diesel for April increased 1¢ to a rounded $2.03/gal. The NYMEX reformulated gasoline blendstock for April edged up less than a penny to a rounded $2.02/gal.
Brent crude oil for May gained 74¢ to $70.27/bbl on London’s International Commodity Exchange as that contract expired. The June contract rose 58¢ to $69.34/bbl. The gas oil contract for April was $618/tonne, up $2.
The Organization of Petroleum Exporting Countries’ basket of crudes was unavailable because the OPEC Secretariat office was closed Mar. 30 and Apr. 2.
Contact Paula Dittrick at [email protected].
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.
