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2017-04-03 19:00:00

MAY OIL PRICES: ABOVE $50

MAY OIL PRICES: ABOVE $50

BRENT OIL PRICES APRIL 2016 - APRIL 2017

WTI OIL PRICES APRIL 2016 - APRIL 2017

NATURAL GAS PRICES APRIL 2016- APRIL 2017

OGJ, BLOOMBERGThe light, sweet crude oil contract for May settled above $50/bbl on the New York market Mar. 30 while the May Brent contract settled above $52.90/bbl in London. Prices edged lower on both markets on Mar. 31.

Analysts attributed price gains earlier in the week to a combination of reduced production in Libya and lower US distillates and gasoline inventories.

The oil-price rebound started with reports that militia had tampered with a pipeline from Sharara, an oil field in western Libya, to an export terminal, shutting in production. Libya's crude production dropped to about 500,000 b/d—the lowest since September 2016.

Libya was exempted from production-cut targets by the Organization of Petroleum Exporting Countries and other major producers. The total target is 1.8 million b/d with OPEC members agreeing to account for 1.2 million b/d of that.

Iraq has cut its oil production by more than 300,000 b/d. Iraq's state oil marketing company SOMO reported that Iraq's average production in March was 4.464 million b/d. Iraq's compliance to OPEC's cuts is 90%, SOMO Director Falah al-Amiri told Reuters.

Energy prices

The crude oil contract for May delivery on the New York Mercantile Exchange rose 89¢ on Mar. 30 to close at $50.35/bbl while the June contract gained 78¢ to $50.78/bbl.

The natural gas price for May dropped 40¢ to a rounded $3.19/MMbtu. The Henry Hub cash gas price closed Mar. 30 at $3.07/MMbtu, up 4¢.

Heating oil for April was up nearly 1.6¢ to a rounded $1.56/gal. Reformulated gasoline stock for oxygenate blending for April climbed almost 1¢ to a rounded $1.68/gal.

The Brent crude contract for May on London's ICE gained 54¢ to $52.96/bbl. The June contract was up by 59¢ to $53.13/bbl. The gas oil contract settled at $470/tonne on Mar. 30, up $6.25.

The average price for OPEC's basket of benchmark crudes on Mar. 30 was $50.20/bbl, up 66¢.

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Earlier: 

OIL PRICES: NOW ABOVE $52 

GAS PRICES: ABOVE $3.2 

РОССИЯ ВЫПОЛНЯЕТ СВОИ ОБЯЗАТЕЛЬСТВА 

RUSSIAN ARCTIC OIL: $70 

HIGH LEVEL OF CONFORMITY

 

 

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