MARKET WATCH: Crude oil, gas futures prices down

The New York Mercantile Exchange April crude contract declined 19¢ on Feb. 27, closing at $102.40/bbl. The May contract dropped 15¢ to settle at $101.62/bbl.

Heating oil for March delivery fell 4.16¢ to settle at a rounded $3.09/gal. Reformulated gasoline stock for oxygenate blending for March delivery was down 3.74¢ to a rounded $2.76/gal.

The April natural gas contract on NYMEX gave up 3¢ to a rounded $4.51/MMbtu. On the US spot market, the gas price at Henry Hub was $4.57/MMbtu, falling 27.5¢.

In London, the April ICE contract for Brent crude delivery lost 56¢, closing at $108.96/bbl. The May contract dropped 50¢ to $108.54/bbl. The ICE gas oil contract for March relinquished $8.25 to $918.25/tonne.

The Organizational of Petroleum Exporting Countries reported its basket of 12 benchmark crudes was $106.10/bbl on Feb. 27, down 39¢.

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