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Oil Prices Lag Despite Early OPEC Cuts

Oil Prices Lag Despite Early OPEC Cuts

OPEC already started cutting crude…

Energy Market Snapshot for April 18 2012

Wednesday was a fairly placid day for the energy market, with minor gains being the main order of the day. The New York Mercantile Exchange crude future saw a small jump, gaining $0.12 or 0.12% to finish at $102.79 per barrel. The Brent price also say marginal gain, growing $0.08 or 0.07% to finish at $118.01 per barrel. The WTI Cushing price dropped slightly, losing $1.53 or 1.47% to finish at $102.67 per barrel.

The NYMEX heating oil future saw a small gain, raising 0.47 cents or 0.15% to finish at 312.29 cents per gallon. The NYMEX RBOB gasoline future also raised slightly, gaining 0.93 cents or 0.29% to finish at 321.20 cents per gallon.

Natural gas saw marginal losses and no gains. The NYMEX Henry Hub future lost $0.01 or 0.51% to finish at $1.94 per million British thermal units. The Henry Hub spot price saw no change, remaining at $1.88 per MMBTU. The New York City Gate price dropped $0.04 or 1.94% to finish at $2.02 per MMBTU.

Electricity saw the day's biggest gains and loss on the market. Mid-Columbia's on-peak spot price jumped by $2.74 or 18.12% to finish at $17.86 per megawatt hour. Palo Verde also saw a jump, gaining $1.03 or 4.82% to finish at $22.39 per MW-h. ERCOT Houston posted the day's biggest loss, dropping $1.97 or 6.57% to finish at $28.03 per MW-h.

By. Shea Laverty for Oilprice.com

You can find more of Shea's work by clicking here.

All prices listed are in USD unless otherwise noted.
Data from Bloomberg.



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