Nymex Overview: Contracts Back Off Early Highs, But Remain in the Black -- OPIS
January 12 2024 - 12:38PM
Dow Jones News
Crude oil and refined product prices have backed off strong
early gains, but remained in positive territory Friday morning as
unrest in the Middle East region continued to support energy
prices.
Crude contracts were up by about $1/bbl as of 11:25 a.m. ET
while refined products were ahead by more than 1ct/gal.
Despite the gains, crude contracts were on track to end the week
close to where they began, while refined products should see
another week of gains.
Friday's gains were driven by news that the U.S. and U.K.
launched overnight military strikes against Houthis in Yemen in
retaliation for a series of ongoing attacks on shipping in the Red
Sea.
The strikes have fanned concerns that the war between Israel and
Hamas could widen.
Those concerns sent oil prices up by more than $3/bbl earlier
Friday before the pullback. The NYMEX February West Texas
Intermediate contract was $1.11 higher at $73.13/bbl as afternoon
approached while the March contract was up by $1.10 to $73.19/bbl.
Brent crude gains were a bit stronger, with the March contract
advancing $1.21 to $78.62/bbl and April prices rising by a similar
amount to $78.32/bbl.
WTI contracts are currently about 70cts below where they settled
a week ago, while Brent contracts are about 20cts below last
Friday's settlement.
Gasoline futures were about 7cts/gal below morning highs,
leaving the NYMEX February RBOB contract up 1.58cts to $2.1301/gal.
The March contract was 1.5cts higher at $2.1515/gal.
The NYMEX February ULSD contract was up 1.6cts to $2.6898/gal,
about 6cts off earlier highs. The March contract was up 1.63cts to
$2.6307/gal.
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 12, 2024 12:23 ET (17:23 GMT)
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