Nymex Overview: Friday Gains Position Petroleum Contracts for Weekly Gains -- OPIS
January 05 2024 - 11:57AM
Dow Jones News
Crude oil and refined product futures were on track for weekly
gains as continued tensions in the Middle East were lifting NYMEX
contracts at midday Friday.
Oil prices were up by more than $1/bbl while diesel prices were
more than 1ct/gal higher. Gasoline futures were also on the rise,
but concerns about soft winter demand and solid refinery output
were keeping a lid on the increases.
Friday's strength in futures came as Secretary of State Antony
Blinken traveled to the Mideast to speak with leaders in an effort
to contain the spread of conflict amid Israel's ongoing war against
Hamas.
Worries about the possibility of the violence escalating had
traders looking beyond Thursday's bearish Energy Information
Administration report that showed solid builds last week in U.S.
diesel and gasoline stocks.
The NYMEX February West Texas Intermediate crude contract was up
$1.53 to $73.72/bbl as of 11:50 a.m. Friday, about 70cts off
morning highs. The March WTI contract was $1.54 higher at
$73.90/bbl.
March Brent crude was up by $1.29 to $78.88/bbl while the April
contract was also $1.29 higher at $78.70/bbl.
Oil prices were about $2/bbl above when they settled Dec.
29.
The NYMEX February ULSD contract was ahead by 1.91cts to
$2.6075/gal, with the March contract up 2.31cts to $2.5766/gal.
The NYMEX February RBOB contract was 1.54cts higher at
$2.1255/gal, while the March contract was up by 1.46cts to
$2.1497/gal.
ULSD prices are about 2cts off earlier highs and RBOB was down
about 1ct. RBOB prices are about 2.5cts/gal above where they
settled on Dec. 29 and ULSD contracts are on course to end the week
with a gain of nearly 7cts/gal.
Most U.S. spot diesel prices were being pulled higher by futures
gains, but gasoline price moves were varied, with declines of more
than 10cts/gal in California markets and an increase of more than
3cts/gal in the Gulf Coast.
This content was created by Oil Price Information Service, which
is operated by Dow Jones & Co. OPIS is run independently from
Dow Jones Newswires and The Wall Street Journal.
--Reporting by Steve Cronin, scronin@opisnet.com; Editing by
Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
January 05, 2024 12:42 ET (17:42 GMT)
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