04 /17 Closing Prices / revised 04/18/2024 07:51 GMT 04/17    OPEC Basket    $89.64    -$0.58  | 04/17     Mexico Basket (MME)   $76.44  -$2.48 | 04/12    Venezuela Basket (Merey)  $70.98    +$3.71  | 04/17      NYMEX WTI Texas Intermediate May CLK24   $82.69  -$2.67   | 04/17    ICE Brent June  BRNM24      $87.29   -$2.73    | 04/17     NYMEX Gasoline May RBK24   $2.73   -3.3%   |  04/17    NYMEX  Heating Oil May  HOK24   $2.57  -2.9 %   | 04/17     Natural Gas May NGK24    $1.71  -1.2% | 04/12    Active U.S. Rig Count (Oil & Gas)    617   -3  | 04/18    USD/MXN Mexican Peso  16.9479  (data live) | 04/18   EUR/USD    1.0685   (data live)  | 04/18    US/Bs. (Bolivar)   $36.32650000 ( data BCV)  

Oil prices end lower Thursday for third day despite Russia’s temporary ban on fuel exports – MarketWatch

  • U.S. oil prices hold near $90 a barrel
Oil traders focused on Russia’s fresh ban on fuel exports on Thursday, ahead of the winter heating season. (Mario Tama/Getty)
Oil traders focused on Russia’s fresh ban on fuel exports on Thursday, ahead of the winter heating season. (Mario Tama/Getty)

Joy Wiltermuth and Joseph Adinolfi, MarketWatch

Energiesnet.com 09 21 2023

This feature is powered by text-to-speech technology. Want to see it on more articles?
Give your feedback below or email audiofeedback@marketwatch.com.

Crude oil prices ended slightly lower Thursday, but near the highs of 2023, after the Russian government said it was temporarily banning exports of gasoline and diesel, adding to global supply woes expected through year-end.

That meant a third day of declines for oil, a day after the Federal Reserve signaled it would keep its policy interest rate above 5% through next year.

Price action

  • West Texas Intermediate crude CL00, 0.77% CLX23, 0.77% for November delivery fell 3 cents, or less than 0.1%, to settle at $89.63 a barrel on the New York Mercantile Exchange, booking at third day of declines, according to Dow Jones Market Data.
  • November Brent crude  BRN00, 0.60% BRNX23, 0.60% lost 23 cents, or 0.3%, to settle at $93.30 a barrel on ICE Futures Europe.
  • October gasoline RBV23, 0.48% rose 7 cents to $2.62 a gallon
  • October heating oil HOV23, 1.15% gained 1.2% to end at a $3.368 a gallon.
  • November natural gas NGX23, 0.28% fell 2.8% to settle at $2.84 per million British thermal units.

Market drivers

Russia said it was immediately enacting a temporary ban on exports of gasoline and diesel to bolster the domestic market, ahead of the crucial winter heating months.

“Oil markets are focused on the near-term supply deficit through year-end,” said Troy Vincent, senior market analyst at DTN, in an interview, adding that Moscow’s new export ban compounds earlier production cuts from Saudi Arabia and Russia are helping keep crude pricing elevated heading into the winter months.

Russia said it would continue exports to a small group of former Soviet countries and continue to fuel the Russian military.

“Russia is trying to stabilize the domestic situation, which means only ex-Soviet states will have access to their exports,” said Edward Moya, senior market analyst at OANDA, in emailed commentary. “The oil market just finished pricing in the extension of a 300,000 bpd oil export cut, and now faces uncertainty as to how long this temporary ban will last.” 

marketwatch.com 09 21 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top