Oil Prices Settle Higher on Final Day of 2020

Oil Prices Settle Higher on Final Day of 2020
WTI and Brent crude oil prices posted increases on the final trading day of 2020.

West Texas Intermediate (WTI) and Brent crude oil prices posted increases on the final trading day of 2020.

The February WTI futures price gained 12 cents, settling at $48.52 per barrel. The light crude marker Thursday traded within a range from $47.77 to $48.58.

Brent crude for March delivery finished Thursday’s session at $51.80 per barrel, reflecting a 17-cent gain.

Although oil prices have recovered since plunging this past spring amid steep pandemic-driven demand destruction, the benchmarks are still 20-plus percent overall for the year. By comparison, the closing WTI and Brent per-barrel prices on Jan. 2, 2020, were $61.18 (21 percent higher) and $66.25 (22 percent higher), respectively.

The price of a gallon of reformulated gasoline (RBOB) often moves in the same direction as the oil benchmarks, but such was not the case Thursday. January RBOB posted a slight loss – well under a penny – to close just below $1.41.

Henry Hub natural gas futures finished higher, with the February contract adding nearly 12 cents to settle at $2.54.

To contact the author, email mveazey@rigzone.com.



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