As a follow up of the article about “Total to cut US shale gas investment” we can look at the oil and gas prices for January 23.
The new front-month March contract for benchmark US sweet, light crudes dropped $1.45 to $95.23/bbl Jan. 23 on the New York Mercantile Exchange. The April contract lost $1.32 to $95.75/bbl. On the US spot market, West Texas Intermediate at Cushing, Oklahoma, declined $1.01 to match the $95.23 closing price of the March futures contract.
The February natural gas contract dipped 0.4¢ to $3.55/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., retreated 3.3¢ and also closed at $3.55/MMbtu. Total needed $6.00/MMbtu to be happy. In London, the March IPE contract for North Sea Brent increased 38¢ to $112.80/bbl.
For many years the Brent price was lower than WTI, but just now WTI is lower, $17 per barrel. 10 to 15 years ago the oil price was close to $17 per barrel.