Oil futures fell on Monday, pressured by expectations that talks over Iran’s nuclear program could result in an easing of sanctions against the crude exporter.
Prices also headed lower as the turmoil in Yemen looked unlikely to disrupt oil transport in the region.
Crude for delivery in May CLK5, -1.25% fell 19 cents, or 0.4%, to close at $48.68 a barrel on the New York Mercantile Exchange. May Brent crude LCOK5, -0.76% on London’s ICE Futures exchange fell 12 cents to $56.29 a barrel.
Elsewhere, May copper HGK5, -0.36% added 1.4 cents, or 0.5%, to end at $2.782 a pound. April platinum PLJ5, +0.27% fell $26.70, or 2.3%, to $1,116.90 an ounce.
June palladium PAM5, +0.45% settled lower by $12, or 1.6%, at $729 an ounce.
Back on Nymex Friday, April gasoline RBJ5, -4.55% settled at $1.798 a gallon, down 8.4 cents, or 4.5%. It was about flat for the week. April heating oil HOJ5, -3.07% fell 6 cents, or 3.4%, to $1.7275 a gallon—down about 0.4% on the week.
April natural gas NGJ15, -2.81% fell 8.2 cents, or 3.1%, to $2.59 per million British thermal units, with the contract down 7% for the week. The April contract expired at the close of Nymex trading.
Oil futures settled lower on Friday for the first time in six sessions but still gained about 5% for the week, with strength fueled in part by an escalating conflict in Yemen.
Meanwhile, data revealed that the number of active oil and natural-gas drilling rigs fell for a 16th week in a row, and that the declines in the rig counts have slowed.
West Texas Intermediate crude for delivery in May CLK5, -5.83% settled at $48.87 a barrel, down $2.56, or 5% on the New York Mercantile Exchange, with the front-month contract ending about 4.9% higher for the week following a 4.5% jump on Thursday.
May Brent crude on London’s ICE Futures exchange LCOK5, -5.19% fell $2.78, or 4.7%, to $56.41 a barrel, leaving it with a weekly gain of around 2%.
Other metals weakened along with gold and silver. May copper HGK5, -1.71% dropped 4.35 cents, or 1.6%, to $2.7675 a pound — up roughly 0.2% for the week.
April platinum PLJ5, -1.20% fell $10.40, or 0.9%, to $1,143.60 an ounce — 0.2% higher from the week-ago settlement. June palladium PAM5, -4.58% gave up $32.35, or 4.2%, to $741 an ounce, losing around 4.9% for the week.
In other Nymex-traded commodities, prices for petroleum products climbed, too. April gasoline RBJ5, -1.39% traded at $1.862 a gallon, up 2.6 cents, or 1.4%, while April heating oil added 4.1 cents, or 2.4%, to $1.769 a gallon.
April natural gas NGJ15, -0.60% turned lower to trade at $2.666 per million British thermal units, down 5.7 cents, or 2.1%. The EIA reported Thursday an increase of 12 billion cubic feet in last week’s natural-gas supplies. Analysts polled by Platts forecast a rise of 12 to 16 billion cubic feet.
Oil futures jumped past $50 a barrel on Thursday, headed for their fifth straight daily gain as Saudi Arabian airstrikes in Yemen raised fresh concerns over potential disruptions to crude supplies.
May crude CLK5, -1.79% climbed 98 cents, or 2%, to $50.19 a barrel on the New York Mercantile Exchange. It hit an intraday high of $52.48 a barrel, according to FactSet data.
May Brent crude LCOK5, -1.54% on London’s ICE Futures exchange rose $1.70, or 3%, to $58.18 a barrel.
Other metals traded on Comex climbed along with gold. May copper HGK5, -1.03% rose 1.9 cents, or 0.1%, to $2.811 a pound.
April platinum PLJ5, -0.31% tacked on $7.50, or 0.7%, to $1,154 an ounce and June palladium PAM5, -0.74% rose $7.95, or 1%, to $773.35 an ounce.
On Nymex, April gasoline RBJ5, +1.24% fell less than half a cent to $1.7997 a gallon, while April heating oil HOJ5, +1.85% lost 2.4 cents, or 1.4%, to $1.7065 a gallon.
April natural gas NGJ15, +0.66% settled at $2.786 per million British thermal units, up 5.3 cents, or 1.9%.
Oil futures finished modestly higher Tuesday, holding near a two-week high, as upbeat manufacturing data boosted the outlook for crude demand ahead of weekly reports on U.S. petroleum supplies.
On the New York Mercantile Exchange, crude for delivery in May CLK5, +3.74% settled at $47.51 a barrel, up 6 cents, or 0.1% — the contract’s third-straight session gain. That was the highest settlement for a front-month contract since March 11.
May Brent crude LCOK5, +2.90% on London’s ICE Futures exchange fell 81 cents, or 1.5%, to $55.11 a barrel.
In other metals trading, April platinum PLJ5, +0.28% gained $5 to end at $1,146.50 an ounce, while June palladium PAM5, +0.31% rose $1.70 to $765.40 an ounce.
May copper HGK5, +0.48% fell 1 cent to $2.79 a pound.
On Nymex, April gasoline RBJ5, -0.02% fell less than half a cent to $1.7997 a gallon, while April heating oil HOJ5, -0.09% lost 2.4 cents, or 1.4%, to $1.7065 a gallon.
April natural gas NGJ15, -1.65% settled at $2.786 per million British thermal units, up 5.3 cents, or 1.9%.
Oil futures finished modestly higher Tuesday, holding near a two-week high, as upbeat manufacturing data boosted the outlook for crude demand ahead of weekly reports on U.S. petroleum supplies.
On the New York Mercantile Exchange, crude for delivery in May CLK5, -0.32% settled at $47.51 a barrel, up 6 cents, or 0.1% — the contract’s third-straight session gain. That was the highest settlement for a front-month contract since March 11.
May Brent crude LCOK5, -0.05% on London’s ICE Futures exchange fell 81 cents, or 1.5%, to $55.11 a barrel.
In other metals trading, April platinum PLJ5, -0.41% shed $3, or 0.3%, to $1,141.50 an ounce, while June palladium PAM5, +0.05% declined $7, or 0.9%, to $763.70 an ounce.
May copper HGK5, -0.71% rose 1.35 cents, or 0.5%, to end at $2.803 a pound.
Back on Nymex, April natural gas NGJ15, +0.44% fell 5.3 cents, or 1.9%, to end at $2.733 per million British thermal units.
April gasoline RBJ5, -0.37% rose more than a half cent to $1.804 a gallon and April heating oil HOJ5, -0.49% settled at $1.731 gallon, down less than half a cent for the session.
Oil futures settled on Monday at their highest level in almost two weeks on the back of a weaker U.S. dollar, despite comments from Saudi Arabia that indicated it would maintain crude-production levels.
May crude CLK5, -1.31% tacked on 88 cents, or 1.9%, to settle at $47.45 a barrel on the New York Mercantile Exchange. That was the highest settlement for a most-active contract since March 11.
May Brent crude LCOK5, -0.66% added 60 cents, or 1.1%, to end at $55.92 a barrel on London’s ICE Futures exchange.
In other metals trading, April platinum PLJ5, -0.24% settled up $3.30, or 0.3%, at $1,144.50 an ounce, while June palladium PAM5, +0.23% fell $8.40, or 1.1%, to $770.70 an ounce.
May copper HGK5, -0.05% tacked on 2.85 cents, or 1%, to $2.7895 a pound.
Crude-oil futures rallied Friday as a drop in the U.S. dollar and another decline in U.S. rig counts helped prices score their first weekly gain in five weeks.
Traders also positioned themselves before the expiration of the April futures contracts.
On the New York Mercantile Exchange, April CLJ5, +4.34% which expired at the close Friday, settled at $45.72 a barrel, up $1.76, or 4%. Crude for May CLK5, +2.02% delivery, which became the front month, tacked on $1.04, or 2.3%, to $46.57 a barrel.
In other Comex trading, April platinum PLJ5, +1.60% rose $21.60, or 1.9%, to end at $1,141.20 an ounce, tacking on about 2.3% for the week, while June palladium PAM5, +1.47% rose $13.30, or 1.7%, to $779.10 an ounce, down around 1.2% for the week.
May copper HGK5, +3.42% added 10.1 cents, or 3.8%, to $2.761 a pound—up roughly 3.5% for the week.
Losses in natural-gas prices worsened Thursday from earlier trading after the EIA reported a decline of 45 billion cubic feet in last week’s supplies. That was a bit less than the market expected. April natural gas NGJ15, +0.53% fell 10.7 cents, or 3.7%, to end at $2.813 per million British thermal units.
Back on Nymex, petroleum products pulled back after a rally a day earlier. April gasoline RBJ5, -0.08% fell 2.5 cents, or 1.4%, to $1.774 a gallon and April heating oil HOJ5, -0.08% ended at $1.722 a gallon, down 5 cents, or 2.8%.
Back on Nymex Friday, April gasoline RBJ5, -4.55% settled at $1.798 a gallon, down 8.4 cents, or 4.5%. It was about flat for the week. April heating oil HOJ5, -3.07% fell 6 cents, or 3.4%, to $1.7275 a gallon—down about 0.4% on the week.
