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U.S. oil prices sink 7% to lowest settlement of the year as Brent enters bear market
https://www.marketwatch.com/story/oil-prices-under-pressure-with-record-skid-set-to-continue-2018-11-13Oil prices sank on Tuesday, with U.S. benchmark crude settling at its lowest year-to-date, stretching its record streak of losses to a 12th session, and global benchmark crude officially entering a bear market.
Natural-gas futures, meanwhile, jumped by more than 8%, to settle at their highest level in nearly four years as the heating fuel continued to soar on the back of expectations for strong winter demand. The move comes a day after futures prices settled at an almost two-year high.
Picking up on losses that heated up in Monday’s extended session, crude for December CLZ8, -8.43% fell $4.24, or 7.1%, to settle at $55.69 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Nov. 16, 2017, and biggest one-day percentage decline in more than three years, according to Dow Jones Market Data.
The down day for oil marked the 12th consecutive decline, the longest series of losses for the commodity since WTI started trading in 1983. Monday marked an 11th straight loss for the contract.
Natural-gas futures, meanwhile, jumped by more than 8%, to settle at their highest level in nearly four years as the heating fuel continued to soar on the back of expectations for strong winter demand. The move comes a day after futures prices settled at an almost two-year high.
Picking up on losses that heated up in Monday’s extended session, crude for December CLZ8, -8.43% fell $4.24, or 7.1%, to settle at $55.69 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Nov. 16, 2017, and biggest one-day percentage decline in more than three years, according to Dow Jones Market Data.
The down day for oil marked the 12th consecutive decline, the longest series of losses for the commodity since WTI started trading in 1983. Monday marked an 11th straight loss for the contract.