The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California’s fuel supply, in Carson, California, U.S., October 17, 2024.
- The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S.
- A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump's election victory.
Crude oil futures were on pace Friday for a loss for the week, as a supply glut and a strong dollar depresses the market.
U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%.
Here are Friday's energy prices:
- West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.
- Brent January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.
- RBOB Gasoline December contract: $1.99 per gallon, up 0.46%. Year to date, gasoline has fallen more than 1%.
- Natural Gas December contract: $2.70 per thousand cubic feet, down 2.98%. Year to date, gas has gained more than 4%.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.
Money Report
A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump's election victory.
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