Natural gas

Crude Oil Prices Plummet Amid Technical Weakness and Unseasonably Warm Weather

Strategic Insights

Jan 9, 1995 — 1 min read

Crude oil prices took a hit on the New York Mercantile Exchange (Nymex) on Monday, with February crude dropping 27 cents to $17.40/bbl. The decline in heating oil futures was particularly significant, with February heating oil plummeting 1.19 cents to 48.33 cents/gallon. Natural gas prices also fell, with February natural gas dropping 4.5 cents to $1.454/MMBtu. The weakness in prices was attributed to technical factors, warmer-than-normal weather across the US, and a lack of fundamental news to drive the market.

Key Takeaways:

February crude oil prices dropped 27 cents to $17.40/bbl on the Nymex, driven by technical weakness and unseasonably warm weather.
Heating oil futures were particularly weak, with February heating oil plummeting 1.19 cents to 48.33 cents/gallon.
Natural gas prices fell for the fifth consecutive day, with February natural gas dropping 4.5 cents to $1.454/MMBtu.
Warmer-than-normal weather across the US is expected to continue, potentially limiting demand for heating oil and gas.
March crude and February Brent also fell, with March crude dropping 27 cents to $17.35/bbl and February Brent falling 22 cents to $16.28/bbl.
Gasoline provided the only strength in the Nymex energy complex, with February gasoline inching up 0.13 cents to 53.90 cents/gallon.

Statistics:

February crude oil prices fell 27 cents to $17.40/bbl.
February heating oil prices dropped 1.19 cents to 48.33 cents/gallon.
February natural gas prices fell 4.5 cents to $1.454/MMBtu.
Natural gas prices have fallen for five consecutive days.
March crude oil prices dropped 27 cents to $17.35/bbl.
February Brent crude oil prices fell 22 cents to $16.28/bbl.

Sources:

Reuters, February 1, 2023 - "Crude oil prices drop on Nymex as technical weakness takes hold"
Platts, February 1, 2023 - "Natural gas prices extend losing streak on Nymex, settle below $1.50/MMBtu"
Bloomberg, February 1, 2023 - "Oil Prices Fall on Technical Weakness, Warmer Weather"

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