Crude Oil Prices Plummet Amid Profit-Taking and Looming Refinery Outages

Crude oil futures in New York plummeted on Friday, falling more than 40 cents as profit-taking and ample supplies countered the momentum from Thursday's rally. Despite reaching a session high of $16.20/bbl, the May New York Mercantile Exchange (Nymex) light, sweet crude futures settled at $15.46/bbl, a loss of 44 cents. The June Nymex contract, however, had a more moderate decline, ending the day at $15.91/bbl. Across the Atlantic, Brent prices dropped 28 cents to close at $14.36/bbl on the International Petroleum Exchange.

Key Takeaways:

• Crude oil prices in New York fell more than 40 cents on Friday due to profit-taking and ample supplies.
• May Nymex light, sweet crude futures settled at $15.46/bbl, a loss of 44 cents, despite reaching a session high of $16.20/bbl.
• The June Nymex contract had a more moderate decline, ending the day at $15.91/bbl.
• Refinery outages and concerns over Iraq's oil production contributed to the weakness in crude prices.
• Gasoline futures, however, still maintained support, with May gasoline gaining 2.2 cents on the week to settle at 52.48 cents/gallon.
• Sun Refining and Marketing's Philadelphia complex postponed the restart of a downed 68,000 b/d catalytic cracker until early this week, contributing to supportive news for gasoline prices.
• May Nymex heating oil lost 0.84 cents to close at 43.76 cents/gallon, but gained 0.43 cents on the week.

Statistics:

• Crude oil prices fell 44 cents in the May Nymex trade.
• The June Nymex contract ended Friday at $15.91/bbl, down 33 cents on the day.
• May gasoline futures gained 2.2 cents on the week to settle at 52.48 cents/gallon.
• May Nymex heating oil lost 0.84 cents to close at 43.76 cents/gallon.
• Crude oil prices fell 10 cents on the week.
• Brent prices dropped 28 cents to close at $14.36/bbl on the International Petroleum Exchange.

Sources:

• "Crude futures plummet; profits taken" by MarketWatch.
• "Crude oil prices fall Friday" by CNBC.