Nymex Overview: Crude Futures Erase Early Gains After Angola Quits OPEC -- OPIS
December 21 2023 - 12:44PM
Dow Jones News
Crude oil futures were lower at midday Thursday, giving back
early gains after Angola announced it was leaving OPEC, a move that
raised doubts over the cartel's ability to support oil prices.
Angolan Oil Minister Diamantino Azevedo said OPEC no longer
served the African country's interest. Angola produces an estimated
1.1 million b/d of crude. It is the third country to quit OPEC
after Ecuador did so in 2020 and Qatar in 2019.
The NYMEX February West Texas Intermediate crude contract was
off by 80cts to $73.45/bbl as of 11:45 a.m. ET and the March WTI
contract was 85cts lower at $73.60/bbl. London-based February ICE
Brent was off 80cts to $78.90/bbl, and March Brent was 95cts lower
at $78.75/bbl.
Gasoline contracts were underperforming diesel. The NYMEX
February RBOB contract was down by 4.45cts to $2.1625/gal and
January RBOB was 4.65cts lower at $2.1545/gal.
The NYMEX February ULSD contract was off by 1ct to $2.674/gal
and January ULSD was down 1.2cts to $2.6965/gal.
In U.S. spot markets, cash gasoline prices in the Pacific
Northwest and San Francisco were sharply higher. As midday
approached, San Francisco CARBOB's premium to the NYMEX widened by
2.5cts 21cts, putting the outright price at nearly $2.40/gal, the
highest price in the U.S.
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 Frank Tang, ftang@opisnet.com; Editing by Jeff
Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
December 21, 2023 12:29 ET (17:29 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.