MARKET WATCH : Oil prices fall from months-long highs on emerging market risks
Prices for both light, sweet crude and Brent crude were down Sept. 13 following days of gains as investors focus on demand concerns as trade disputes and possible emerging market crises loom.
In its Oil Market Report released on Sept. 13, the International Energy Agency said global economic growth is still expected to be 3.9% in 2018 and 2019 and it wouldn’t be long before world oil demand reaches 100 million b/d. However, “the economic environment in some emerging markets is deteriorating,” the report said (OGJ Online, Sept. 13, 2018).
“While worries about emerging markets are mounting, alongside fears of escalating trade disputes, it is currently difficult to assess whether it will lead to an economic slowdown in the timeframe of IEA’s forecast,” the report continued.
Energy prices
The light, sweet crude contract for October delivery on the New York Mercantile Exchange fell $1.78 to $68.59/bbl on Sept. 13. The November contract decreased $1.75 to settle at $68.41/bbl.
The NYMEX natural gas price for October was down 1¢ to a rounded $2.82/MMbtu. The Henry Hub cash gas was $2.93/MMbtu, unchanged from the day prior.
Ultralow-sulfur diesel was down 1¢ for October at a rounded $2.23/gal. The NYMEX reformulated gasoline blendstock for October fell 4¢ to a rounded $1.99/gal.
Brent crude oil for November fell $1.56 to $78.18/bbl on London’s International Commodity Exchange. The December contract declined $1.54 to $77.75/bbl. The gas oil contract for October was $683.50/tonne.
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