Oil Prices See Little Change Amid OPEC Meeting Uncertainty

Oil prices in New York and London saw minimal movement despite ongoing uncertainty surrounding the potential meeting of the Organization of the Petroleum Exporting Countries (OPEC) ministerial monitoring committee. The scheduled meeting, initially set for March 16, is now likely to be delayed, which has rekindled bearish sentiments in the market. However, statements from Venezuela and Saudi Arabia reiterating their commitment to cooperation with OPEC and non-OPEC members have helped to stabilize prices.

Key Takeaways:

• The Nymex light, sweet crude for April delivery ended the day up 2 cents at $14.20/bbl.
• The front-month contract for North Sea Brent crude futures on the International Petroleum Exchange ended the day up just 1 cent at $12.97/bbl.
• April gasoline ended the day slightly ahead, closing up 0.15 cents at 47.00 cents/gallon.
• April heating oil ended the day down 0.01 cents at 40.26 cents/gallon.
• The Natural Gas market saw spot prices decline, with prices dropping 3 cents in Louisiana and 2 cents in South Texas.
• Propane stocks for the week ended March 6 dropped just 89,000 bbl to 30.14 million bbl, according to the Energy Information Administration (EIA).
• Spot prices for methyl tertiary butyl ether (MTBE) dropped 5-6 cents in New York and Houston due to high supply, low demand, and low prices for MTBE feedstocks.

Statistics:

• Nymex light, sweet crude for April delivery ended the day at $14.20/bbl.
• Front-month North Sea Brent crude futures on the International Petroleum Exchange ended the day at $12.97/bbl.
• April gasoline ended the day at 47.00 cents/gallon.
• Heating oil ended the day at 40.26 cents/gallon.
• Natural Gas spot prices dropped by 3 cents in Louisiana and 2 cents in South Texas.
• Propane stocks for the week ended March 6 stood at 30.14 million bbl.
• MTBE imports in December were 96,000 b/d, the second highest ever.

Sources:

• [Energy Information Administration (EIA)]
• [CMAI in Houston]