MARKET WATCH: NYMEX crude oil prices hover slightly above $90/bbl range

Crude oil prices settled on the New York market Oct. 6 slightly above $90/bbl, and analysts said they expect prices will remain subdued pending this week’s US government reports on crude oil inventories and on other upcoming oil-demand forecasts.

The US Energy Information Administration rescheduled for Oct. 7 the release of its crude oil supply-demand update. Recently, EIA, the Organization of Petroleum Exporting Countries, and the International Energy Agency all lowered their projections for global oil-demand growth.

Barclays issued a weekly oil market outlook on Oct. 3, saying its analysts expect Brent crude oil price premium’s to light, sweet US crude will widen during the fourth quarter and then narrow again.

Although the spread was $2.45/bbl as of Oct. 6 for November delivery contracts, Barclays analysts believe the spread could widen to as much as $8/bbl temporarily before narrowing to $6/bbl.

Energy prices

The New York Mercantile Exchange November crude oil contract rose 60¢ on Oct. 6, closing at $90.34/bbl, while the December contract climbed 67¢ to $89.34/bbl.

The natural gas contract for November dropped 14¢ to a rounded $3.90/MMbtu. The cash price at Henry Hub, La., was $3.88/MMbtu, down 7¢.

Heating oil for November delivery edged up less than 1¢ to remain at a rounded $2.62/gal. Reformulated gasoline stock for oxygenate blending for November gained a rounded 3.5¢ to a rounded $2.41/gal.

The November ICE contract for Brent crude delivery was up 48¢ to close at $92.79/bbl. The December contract was up 45¢ to $93.33/bbl. The ICE gas oil contract for October was up 50¢, settling at $778.75/tonne.

The average price for OPEC’s basket of 12 benchmark crudes was 90.40/bbl on Oct. 6, up 7¢.

Contact Paula Dittrick at paulad@ogjonline.com.

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