MARKET WATCH: NYMEX, Brent oil prices fall on international uncertainties
Crude prices climbed to more than 3-year highs for the week ended Apr. 13 before US-led air strikes on Syria, but oil prices dropped by more than $1/bbl in both London and New York Apr. 16.
Analysts said tensions about Syria eased after Russia—a key Syrian ally—did not retaliate.
Giovanni Staunovo, commodity analyst at UBS Wealth Management, said the oil market is in a “wait-and-see mode.”
He said oil traders and analysts also are monitoring whether US President Donald Trump moves to reimpose economic sanctions on Iran next month.
Energy prices
The May light, sweet crude contract on the New York Mercantile Exchange fell $1.17 on Apr. 16 to settle at $66.22/bbl. The June contract declined $1.13 to $66.20/bbl.
The NYMEX natural gas price for May gained a rounded 2¢ to 2.75/MMbtu. The Henry Hub cash gas price was up 5¢ to $2.82/MMbtu.
Ultralow-sulfur diesel for May decreased by 3¢ to $2.07/gal. The NYMEX reformulated gasoline blendstock for May fell 2.5¢ to a rounded $2.04/gal.
Brent crude oil for June dropped $1.16 to settle at $71.42/bbl on London’s International Commodity Exchange. The July contract was down $1.12 to $70.81/bbl. The gas oil contract for April was $633.25/tonne, down $9.25.
The Organization of Petroleum Exporting Countries’ basket of crudes averaged $68.41/bbl on Apr. 16, down 88¢.
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.
