Crude oil dropped to the lowest settlement price in eight weeks following reports that showed signs of weakness in the economies of the U. S. and U. K. Gasoline, ethanol and heating oil also declined. The energy commodities declined as residential real estate prices of the U. S. declined by the most in a year in the month of November, as measured by the S&P/Case-Shiller index of home values in as many as twenty cities, and as the U. K. economy also declined in the fourth quarter. Crude oil meant for delivery in March dropped one dollar sixty eight cents or 1.9 percent, to trade at eighty six dollars and nineteen cents per barrel as seen on the New York Mercantile Exchange. It was the lowest settlement price after Nov. 30. Futures have gained fifteen percent in the past year. West Texas Intermediate’s discount to Brent crude reached none dollars and six cents a barrel, the highest since February 2009. The average discount for the past five years is five cents. Gasoline meant for delivery in the month of February declined seven zero five cents or 2.9 percent, to $2.3427 a gallon seen on the Nymex, extending the loss for the week to 4.7 percent. The March gasoline crack spread narrowed one dollar fifteen cents to reach thirteen dollars and thirty eight cents per barrel. Heating oil meant for delivery in the month February declined 2.64 cents, or one percent, to $2.5929 a gallon. The heating oil crack spread, on the basis of March contracts, went up by fifty seven cents to $22.87 per barrel, the most, reached in two years. Denatured ethanol meant for February delivery dropped 4.2 cents, or 1.8 percent, to $2.278 a gallon seen on the Chicago Board of Trade, the lowest settlement price after 7, Jan. The price has gained twenty six percent in the past year.

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