DTN Oil Update
Oil Up Third Day but Down on Week as Glut Concerns Persist
SECAUCUS, N.J. (DTN) -- Oil futures rose for a third straight session Friday, Dec. 19, extending their rebound from multi-year lows. But a second consecutive week of losses persisted for the crude and fuel markets amid concerns about oversupply.
A U.S. naval blockade that prevented supply from leaving OPEC producer Venezuela has supported oil markets since the close of Tuesday's trading. But price drops in the first two days of the week proved larger than the recovery that followed, resulting in the weekly losses.
In Friday's session, the NYMEX WTI crude contract for January delivery was up $0.54, or 1%, at $56.54 bbl while showing a weekly loss of 2%. January WTI hit a 2021 low of $54.89 on Tuesday as concerns over a global oil glut grew with the U.S. appearing closer in its goal of reaching a solution to the Ukraine war that could take sanctions off Russian oil.
ICE Brent futures for February rose $051, or 0.9%, to $60.33 bbl, against a weekly drop of 1.3%. February Brent slid beneath the key $60 bbl mark three days earlier.
NYMEX front-month gasoline climbed $0.0099 to $1.7112 gallon while showing a weekly deficit of 2%. It dropped beneath the key $1.68 gallon level earlier in the week.
Front-month ULSD advanced $0.0049, or 0.2%, to $2.1365 gallon while persisting with a 3% slide on the week.
In other market news, the Energy Information Administration announced late Thursday, Dec. 18, that its weekly petroleum and propane market reports due on Dec. 24 will be delayed until Dec. 29 as part of its holiday schedule.
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