MARKET WATCH: Crude oil prices end week higher

Nov. 4, 2019
Crude prices ended the week higher with $2/bbl gains Nov. 1, with December West Texas Intermediate up 3.7% to settle at $56.20/bbl and January Brent up 3.5% to reach $61.69/bbl, partly on indications of progress in ongoing US-China trade talks.

Crude prices ended the week higher with $2/bbl gains Nov. 1, with December West Texas Intermediate up 3.7% to settle at $56.20/bbl and January Brent up 3.5% to reach $61.69/bbl, partly on indications of progress in ongoing US-China trade talks.

White House National Economic Council Director Larry Kudlow told reporters Nov. 1 that US President Donald Trump is “optimistic,” about the trade negotiations. “As I’ve reported, the talks are going very well. They are not done yet. There is more hard work. The president himself has indicated a good deal of optimism.”

The light, sweet crude contract for December on the New York Mercantile Exchange was up $2.02 to $56.20/bbl on Nov. 1. The January contract also rose $2.02 to settle at $56.27/bbl.

The NYMEX natural gas price for December gained 8¢ to $2.71/MMbtu. The January contract was up 7¢ to $2.80/MMbtu.

Ultralow-sulfur diesel for December increased nearly 6¢ to $1.93/gal. The NYMEX reformulated gasoline blendstock for December gained 6¢ to a rounded $1.66/gal.

Brent crude oil for December was unchanged at $60.61/bbl on London’s International Commodity Exchange. The January contract gained $2.07 to $61.69/bbl.

The gas oil contract for November was $578/tonne on Nov. 1, up $11.

The Organization of Petroleum Exporting Countries’ basket of crudes for Nov. 1 was $60.19/bbl, down 33¢ from the previous day.