MARKET WATCH: Crude oil benchmarks trade higher approaching midweek

Nov. 27, 2019
Oil benchmark prices on both New York and London markets traded higher on Nov. 26.

Oil benchmark prices on both New York and London markets traded higher on Nov. 26.

“Oil is limping higher today but is struggling to generate much upward momentum, a possible sign of over-extension following a strong rally since the start of October. Markets have been buoyed the last couple of days by promising [US-China] trade comments, but oil seems to have missed the boat, potentially another sign of bullish reluctance,” said Craig Erlam, senior currency analyst at OANDA, Nov. 26.

Energy prices

Light, sweet crude oil prices on the New York Mercantile Exchange for January increased 40¢ to $58.41/bbl on Nov. 26 while the February contract gained 41¢ to $58.32/bbl.

The December gas price dropped 6¢ to $2.47/MMbtu on Nov. 26.

Ultralow-sulfur diesel for December edged up over 1¢ to $196/gal. The NYMEX reformulated gasoline blendstock for December rose nearly 3¢ to $1.70/gal.

Brent crude for January gained 62¢ to $64.27/bbl. The February contract also was up 59¢ to settle at $63.21/bbl.

Gas oil for December gained $6.75 to $589.50/tonne on Nov. 26. The Organization of Petroleum Exporting Countries’ basket of crudes on Nov. 26 was $63.92/bbl, down 29¢.