Nymex Overview: Energy Futures Weaker, But May Register Weekly Gains -- OPIS
January 19 2024 - 11:58AM
Dow Jones News
Crude oil and refined product futures were lower at midday
Friday, but could still end the session with week-to-week
gains.
The NYMEX February West Texas Intermediate crude contract, which
opened higher, was off 29cts to $73.79/bbl as of 11:50 a.m. ET. The
March contract was down by 48cts to $73.47/bbl.
Globex Brent crude contracts were seeing similar losses, with
the March contract 47cts lower at $78.63/bbl and the April contract
down 48cts to $78.17/bbl.
WTI prices are about $1.50 above the Jan. 12 settlement, while
Brent is holding onto a weekly gain of about 50cts.
Refined products were seeing steeper declines Friday, with the
NYMEX February RBOB contract off by 2.31cts to $2.1604/gal and
March down 2.27cts to $2.1828/gal.
The NYMEX February ULSD contract was 1.9cts in the red to
$2.6746/gal and March was down by 1.3cts to $2.6366/gal. Based on
current prices, RBOB futures are on track to end the session up
more than 4cts week to week, while ULSD contracts are about 0.5ct
above their Jan. 12 settlement.
Energy futures rose sharply Thursday following a bullish U.S.
oil stock report and continued tensions in the Middle East.
Friday's weakness in energy prices is also being felt in U.S.
spot refined product markets, where prices for both gasoline and
diesel are mostly down. In California, January-delivered Los
Angeles CARBOB implied prices were nearly 7cts/gal lower on futures
selling and weaker differentials. Los Angeles, however, was the
only market reporting higher diesel values, though gains were less
than a cent.
Renewable Identification Number credit prices appear to be on
track for a seventh-straight down session, with D4
biodiesel-related credits off by 1.5cts and D6 ethanol RINs 1.75cts
lower.
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 19, 2024 12:43 ET (17:43 GMT)
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