Oil prices charted fresh intraday highs for the year on Tuesday, but settled slightly lower for the session.
U.S. and global benchmark crude prices eased back, after expectations of tighter oil supplies fed a three-session run up to the highest prices since November. Chevron CEO Mike Wirth, meanwhile, predicted prices will return to $100 a barrel.
Price action
- West Texas Intermediate crude CL00, 0.23% for October delivery CL.1, 0.24% CLV23, 0.24% fell 28 cents, or 0.3%, to settle at $91.20 per barrel on the New York Mercantile Exchange after trading as high as $93.74. On Monday, oil ended at $91.48, the highest front-month contract finish since Nov. 7, based on Dow Jones Market Data.
- November Brent crude BRN00, 0.32% BRNX23, 0.32%, the global benchmark, edged down by 9 cents, or 0.1%, to settle at $94.34 a barrel after a high of $95.96 on ICE Futures Europe. Monday’s close of $94.43 a barrel was the highest since Nov. 11.
- October gasoline RBV23, -1.31% fell 1.5% to $2.66 a gallon, while October heating oil HOV23, 3.70% added 2.6% to $3.37 a gallon.
- October natural gas NG00, 4.11% NGV23, 4.11% settled at $2.85 per million British thermal units, up 4.4%.
Market drivers
“Oil trading is a sophisticated game of Chutes & Ladders” and there are some hot spots that may take Brent, and possibly WTI, to $100 a barrel shortly, said Tom Kloza, global head of energy analysis at the Oil Price Information Service, a Dow Jones company.
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