Nymex Overview: Petroleum Futures Relinquish Early Gains, Down at Midday — OPIS

Petroleum futures backed off morning gains to trading lower ahead of midday Monday.

Recent momentum in the market may have stalled after prices bounced off multi-year lows reached about two weeks ago.

The late-morning declines left the NYMEX November West Texas Intermediate contract back below $70/bbl. The contract was off by $1 to $69.95/bbl, shortly before noon ET. The November Brent contract was down by $1.02 to $73.47/bbl.

The NYMEX October RBOB contract, which is seeing lower volumes, was 5.5cts lower at $1.981/gal and the more-active November RBOB contract was off by just under 4.9cts to $1.958/gal.

U.S. spot gasoline prices were 4.5cts to 9cts lower near midday, largely following weaker futures and pushing prices in a number of markets back below $2/gal. The largest move was in the Pacific Northwest where cash gasoline prices moved to a 4ct discount to the NYMEX.

Distillate contracts were also down, but the declines were lighter than those for gasoline. The NYMEX October ULSD contract was off by 3.16cts to $2.1299/gal and November ULSD gave back 2.91cts to $2.1443/gal.

Spot diesel prices were mostly mirroring paper declines, but cash diesel prices in San Francisco were sharply lower as premiums to the NYMEX narrowed by more than 10cts.

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 Denton Cinquegrana, dcinquegrana@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com

(END) Dow Jones Newswires

September 23, 2024 12:50 ET (16:50 GMT)

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