Crude Oil Futures Drop Lower on Tuesday While Natural Gas Posts Gain

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Crude oil futures continued plunging lower on Tuesday while traders awaited weekly government data on domestic petroleum supplies, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, March West Texas Intermediate crude fell by 84 cents, or 1.6%, to settle at $52.17 a barrel.

On London’s ICE Futures Exchange, April Brent crude, the global benchmark, fell by 67 cents, or 1.2%, to end trading at $55.05 a barrel.

A survey from S&P Global Platts released Monday revealed that the 10 OPEC members that pledged to cut crude oil production output achieved 91% of their required cuts in January.

Traders will look to the latest weekly data on U.S. petroleum supplies from the American Petroleum Institute late Tuesday and the Energy Information Administration on Wednesday. Analysts polled by S&P Global Platts forecast a rise of 2.5 million barrels for crude oil stockpiles.

Natural gas futures were the highlight of the day. On the New York Mercantile Exchange, March natural gas rose 8 cents, or 2.6%, to settle at $3.13 per million British thermal units.

 

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