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Prices slip by another 7% on demand concerns
Crude prices ended substantially lower once again on Thursday, 04 December, 2008. Prices fell as traders anticipated that demand for energy in coming months will decrease substantially as US, Europe and Japan are already in a recession.
On Thursday, crude-oil futures for light sweet crude for January delivery closed at .67/barrel (lower by .12 or 6.7%) on the New York Mercantile Exchange. Prices reached a high of 7 on 11 July but have dropped almost 70% since then. Last week, prices rose by 9%, the first weekly gain in a month. For this year in 2008, crude prices have dropped 50%.
For the month of November, crude prices ended lower by 19.7%. Before this, for the month of October, 2008, crude prices had ended lower by 32.6%, the biggest monthly drop since 1983.
Against this background, gasoline for January delivery declined 7.2 cents (6.9%) to 96.95 cents a gallon in New York, the lowest settlement since the contract was introduced in October 2005. Heating oil for January delivery fell 7.49 cents (4.7%) to settle at .5091 a gallon in New York.
Natural gas for January delivery fell 33 cents (5.2%) to .017 per million British thermal units, the lowest settlement since Sept. 20, 2007.
At the MCX, crude oil for December delivery closed at Rs 2,239/barrel, lower by Rs 158 (6.6%) against previous day’s close. Natural gas for November delivery closed at Rs 303.7/mmbtu, lower by Rs 16.7/mmbtu (5.2%).