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Supply outlook pressures prices

04/23/2007
By NINA RACH
Energy prices fluctuated Apr. 9-13 with fast-paced changes in US inventories and political threats to Middle East crude supplies.The May contract for benchmark US light, sweet crudes fell $2.77 to $61.51/bbl Apr. 9 on the New York Mercantile Exchange following Iran’s release of 15 UK sailors and marines. It was the biggest price reduction for a front-month crude contract in 3 months. Yet an Apr. 10 rally in gasoline and heating oil boosted May crude to $61.89/bbl for its first gain in five sessions on NYMEX. The price inched up to $62.01/bbl Apr. 11 as US gasoline stocks fell for the 9th consecutive week, plunging 5.5 million bbl to a below-average level of 333.4 million bbl during ...
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