Crude Oil Prices Fall Despite Threat of Venezuelan Strike

Market watchers said crude prices opened on a firm note, but soon came under selling pressure. The threat of a strike by oil workers in Venezuela loomed large, although union President Carlos Ortega denied rumors the workers would strike Friday. Later, a strike next week was not ruled out, which could affect the country's crude output of 2.4 million barrels a day. Despite this, the rest of the energy complex closed higher, with natural gas registering the weakest gain despite a larger-than-expected inventory draw down.

Key Takeaways:

• Crude oil prices fell 4 cents to settle at $18.73 a barrel on the New York Mercantile Exchange, despite the threat of a strike by oil workers in Venezuela.
• The February crude contract slipped 1 cent to $18.36 a barrel, while the March contract closed unchanged at $18.13 a barrel.
• Unleaded gasoline for January gained 0.17 cents to settle at 54.06 cents a gallon, while February gasoline contract closed up 0.18 cents to 53.69 cents a gallon.
• January heating oil improved 0.53 cent to settle at 55.28 cents a gallon, with predictions of colder weather next week mostly in the Northeast.
• January natural gas contract eked out 0.1 cents to settle at $2.208 per 1,000 cubic feet, despite a larger-than-expected inventory draw down.

Statistics:

• Crude oil prices fell 4 cents to settle at $18.73 a barrel.
• The February crude contract slipped 1 cent to $18.36 a barrel.
• Unleaded gasoline for January gained 0.17 cents to settle at 54.06 cents a gallon.
• February gasoline contract closed up 0.18 cents to 53.69 cents a gallon.

Sources:

• United Press International
• New York Mercantile Exchange
• International Energy Agency
• American Gas Association