MARKET WATCH: Front-month oil, gas futures contracts close down on week

The front-month crude oil and natural gas contracts slid during the week ended Mar. 14, despite their respective price jumps on that day. Crude oil was down 3.6% on the week, and gas ended 4.1% lower than the previous week, according to analysts at Raymond James & Associates Inc.

The New York Mercantile Exchange April crude contract increased 69¢ on Mar. 14, closing at $98.89/bbl. The May contract gained 62¢ to settle at $98.56/bbl.

The April natural gas contract was up 4.2¢ to a rounded $4.43/MMbtu. On the US spot market, the gas price at Henry Hub was a rounded $4.37/MMbtu, edging down one half of a cent.

Heating oil for April delivery dropped 2.35¢ to a rounded $2.94/gal. Reformulated gasoline stock for oxygenate blending for April delivery rose 2.68¢ to a rounded $2.96/gal.

In London, the April ICE contract for Brent crude delivery climbed $1.18, closing at $108.57/bbl. The May contract collected $1.29 to close at $108.21/bbl. The ICE gas oil contract for April jumped $11 to $901.75/tonne.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes was $103.83/bbl on Mar. 14, rising 12¢.

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