Energy futures were mixed on international markets Thursday, with US heating oil and natural gas prices dipping in anticipation of warmer weather, analysts said.
The February contract for benchmark US sweet, light crudes slipped by 7� to $29.41/bbl on the New York Mercantile Exchange, while the March contract inched up 1� to $28.22/bbl.
However, both contracts increased during after-hours electronic trading to $29.51/bbl and $28.30/bbl, respectively.
Home heating oil for February delivery lost 0.98� to 84.01�/gal Thursday, while unleaded gasoline for the same month gained 0.53� to 88.85�/gal. The February natural gas contract fell 42� to $8.708/Mcf on the NYMEX.
In London, the February contract for North Sea Brent increased 27� to $25.61/bbl on the International Petroleum Exchange. The February contract for natural gas also increased 10� to the equivalent of $4.09/Mcf on the IPE.
On the Singapore exchange, Brent crude for February delivery rose 27� to $25.61/bbl, while the March position gained 38� to $25.46.
Analysts noted that crude prices have held above key psychological levels on both the NYMEX and the IPE. Those markets will likely continue to hold, they said, until the end of next week�s meeting of the Organization of Petroleum Exporting Countries.
OPEC members are expected to announce a production cut, perhaps as much as 2 million b/d, at that meeting.
Meanwhile, the average price for OPEC�s basket of seven crudes again increased 54� to $24.23/bbl Thursday.
