Oil Prices Mixed for the Week
Both the West Texas Intermediate (WTI) and Brent crude oil benchmarks declined during Friday’s trading, but one of the futures prices managed to remain positive – but just barely – for the week.
May WTI oil futures fell 94 cents Friday to settle at $59.04 per barrel. The WTI traded within a range from $58.28 to $60.07. Despite Friday’s loss, the WTI remains up slightly – 0.9 percent – compared to last Friday’s settlement price.
Friday’s WTI price movement marks the second consecutive down day for the U.S. benchmark, which fell just two cents shy Thursday of settling at the $60-mark. The WTI has not settled at or above that psychologically significant level for more than four months.
Also moving downward Friday was the U.S. oil and gas rig count as compiled by Baker Hughes, a GE company (BHGE). As Rigzone reported earlier in the day, the number of the oil rigs operating in the United States fell by nine this week while the number of gas rigs decreased by one. The overall 1,016-rig count marks the fifth straight week of declines.
Brent crude oil for May delivery lost 83 cents Friday, settling at $67.03 per barrel. For the week, the Brent is down 0.2 percent.
Front-month reformulated gasoline (RBOB) got a bit more expensive Friday. The April RBOB contract price rose by less than a penny to end the day at close to $1.93 per gallon. Week-on-week, RBOB is up nearly four percent.
Henry Hub natural gas futures lost seven cents Friday. The April contract price, which settled at $2.75, is down nearly two percent for the week.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Senior Editor | Rigzone
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- USA Driving Activity to Increase to All-Time Highs
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension