Highlights of the Market Watch feature on OGJ Online. Dates are when items appeared online. Subscribers can retrieve full articles online via keyword search.
Nov. 30
Futures prices for natural gas and heating oil fell Monday with revised forecasts for milder weather in the Northwest and Midwest US.
The new front-month January natural gas contact plunged by 80.2¢ to $7.84/MMbtu Monday on the New York Mercantile Exchange, while heating oil for December delivery slipped by 0.79¢ to $1.44/gal. However, gasoline for December advanced by 0.72¢ to $1.30/gal. The January contract for benchmark US sweet, light crudes increased by 32¢ to $49.76/bbl on NYMEX, while the February contract was up by 43¢ to $49.88/bbl. On the US spot market, West Texas Intermediate gained 50¢ to $49.77/bbl.
Dec. 1
Energy futures prices fell Tuesday, pulled down by natural gas and heating oil with no signs yet of extended cold winter weather to boost those markets.
The January natural gas contract closed at $7.62/MMbtu on NYMEX as an afternoon scramble by traders to cover open sales contracts brought the price back up from earlier depths. Heating oil for December dropped to $1.39/gal Tuesday on NYMEX.
Gasoline for the same month was down to $1.26/gal. The January crude contract lost to $49.13/bbl, while the February contract declined to $49.26/bbl. Spot WTI was down to $49.14/bbl.
Dec. 2
The January crude contract plummeted to $45.49/bbl Wednesday, the largest single-day decline in more than 3 years on NYMEX after the Energy Information Administration reported a jump in US heating oil stocks and a nominal increase in crude inventories.
Yet US distillate fuel stocks remain below the lower end of the average range for this time of year and 13% below year-ago levels. Moreover, Paul Horsnell, Barclays Capital Inc., London, said stock increases so early in the heating season are neither unusual nor trend-breaking. The real test will come in January, he said. Meanwhile, Horsnell said, "There is no demand-side weakness evident, with implied gasoline demand at 9.204 million b/d in the latest data and running 2.3% higher (203,000 b/d) for the November data released so far. Distillate demand is still pounding away at 8.5% [year-over-year] growth . . ."
February crude was down to $45.70/bbl. Spot market WTI lost to $47.50/bbl. Heating oil for January fell to $1.33/gal, and gasoline lost to $1.20/gal. January natural gas plunged to $7.41/MMbtu.
Dec. 3
Energy prices continued to tumble Thursday as indications of increased supplies and forecasts of warmer weather drove more speculators out of the futures market. However, a remnant fear of supply disruptions amidst still increasing demand, along with continued speculation, almost certainly will keep crude prices above $40/bbl, said some analysts.
The January crude contract plunged to $43.25/bbl on NYMEX, while February crude lost to $43.48/bbl. Spot market WTI plummeted to $43.26/bbl. Heating oil for January delivery fell to $1.26/gal on NYMEX. Gasoline for the same month dropped to $1.14/gal. January natural gas lost to $6.81/MMbtu, "pulled down by mostly mild weather, a softer cash [spot] market, crumbling crude oil prices, and an unexpectedly small weekly inventory draw with a downward revision the previous week's decline adding to the selling," said analysts at Enerfax Daily.
Dec. 6
Energy prices continued to tumble Friday, with speculators pulling back as warm weather has failed to boost winter demand.
Meanwhile, ministers of the Organization of Petroleum Exporting Countries were scheduled to meet at the end of the week in Cairo to evaluate the market and the weakening value of the US dollar.
January crude fell to $42.54/bbl, while the February contract was down to $42.75/bbl. Spot market WTI fell to $42.55/bbl. Heating oil for January lost to $1.24/gal. Gasoline for the same month declined to $1.13/gal. January natural gas slipped to $6.796/MMbtu.
