Oil Prices Rebound on Nymex Amid Low-Volume Trading

Strategic Insights -

Oil prices rose on Friday in low-volume trading on the New York Mercantile Exchange (Nymex), with futures prices for crude oil, gasoline, and heating oil increasing. Spot market prices also rebounded on the Gulf Coast and in New York Harbor, although trading was thin. Market players in New York were short in the futures market through the week and may have been covering their positions ahead of the weekend. With crude demand not being strong, traders may try to profit from contracts to sell in the coming week.

Key Takeaways:

  • Nymex light crude rose 28 cents/bbl to $18.83 for April delivery, while May and June deliveries climbed 25 cents and 21 cents, respectively.
  • Brent futures prices for the three nearest months rose 24 cents, 21 cents, and 19 cents, respectively.
  • Prices for April delivery heating oil futures rose 0.89 cents to close at 47.41 cents/gallon on the Nymex.
  • Gasoline prices, which plunged more than 3 cents/gallon on Tuesday-Thursday, climbed 0.31 cents to close at 55.90 cents/gallon on Friday.
  • Traders remain uncertain about the future of oil prices, with some expecting a possible rebound and others anticipating a continuation of the downward trend.
  • Market players in New York were short in the futures market through the week and may try to profit from contracts to sell in the coming week.
  • Crude demand is not strong, which may contribute to the volatility in oil prices.

Statistics:

  • Nymex light crude rose 28 cents/bbl to $18.83 for April delivery.
  • May and June deliveries of Nymex light crude climbed 25 cents and 21 cents, respectively.
  • Brent futures prices for the three nearest months rose 24 cents, 21 cents, and 19 cents, respectively.
  • Prices for April delivery heating oil futures rose 0.89 cents to close at 47.41 cents/gallon on the Nymex.
  • Gasoline prices climbed 0.31 cents to close at 55.90 cents/gallon on Friday, after plummeting more than 3 cents/gallon on Tuesday-Thursday.

Sources:

  • "Futures prices for crude oil, gasoline and heating oil all rose Friday in low-volume trading on the New York Mercantile Exchange (Nymex)." (Source: Cited article)
  • "Spot market prices also rebounded on the Gulf Coast and in New York Harbor, though trading was again thin." (Source: Cited article)
  • "The price of Brent crude on the International Petroleum Exchange rose by similar amounts, encouraged by the rise in Nymex crude prices." (Source: Cited article)
  • "Many market players in New York were short in the futures market through the week and may simply have been covering their positions ahead of the weekend." (Source: Cited article)