Energy futures prices continued their upward March Tuesday, with oil for June delivery ending the trading day on the New York Mercantile Exchange at $28.65/bbl, a rise of 56�/bbl on the day. July-delivery NYMEX crude stood at $28.35, up 60�.
On the products exchanges, June heating oil rose 1.8�/gal to close at 71.38�, and unleaded gasoline for that month finished at 95.06�/gal, up 0.98�.
Meanwhile, the price of NYMEX natural gas for June delivery increased 1.3�/MMbtu to end the day at $3.19/MMbtu.
The market continued its rise despite the resolution of the Norwegian transport workers strike Tuesday. There are two reasons for the continued strength: an expected gasoline shortage during the summer driving season and statements from Organization of Petroleum Exporting Countries members indicating output would not be increased at their June ministerial meeting.
In London trading, Brent crude for June delivery settled at $26.82/bbl Tuesday, up 74� from the previous day's close. In Singapore trading Wednesday, June Brent rose 94� to end the day at $25.88/bbl.
"We see prices moving into a slightly higher side of expectations," said a trader in Singapore. He added that a technical correction is likely, given that oil consumers are seeking $24/bbl oil in hopes of keeping oil's influence out of inflation rate changes.
The price of the OPEC basket of seven crudes ended Tuesday at $26.61/bbl, up 73�, according to the OPEC Secretariat.
