By the OGJ Online Staff
HOUSTON, Apr. 30 -- Energy futures prices generally closed lower in trading on the New York Mercantile Exchange Friday.
The June contract for light, sweet crude, the American benchmark, fell 17¢ to settle at $28.27/bbl. The July contract fell 1¢ to stand at $28.68/bbl.
Refined petroleum products ended mixed, with May home heating oil losing 1.88¢ to settle at 75.74¢/gal, while unleaded gasoline for the same month advanced by 2.08¢ to rest at $1.125/gal.
NYMEX natural gas for June delivery lost 7.3¢ to settle at $4.87/Mcf.
Concerns about possible shortages of gasoline during the peak driving season in summer led to gasoline futures hitting a record high of $1.127/gal during the session.
In London Friday, North Sea Brent crude oil futures settled slightly higher on the International Petroleum Exchange, as crude futures were pulled up by the spectacular rise in gasoline futures.
Brokers said there was still room for further increases in gasoline values, and by extension in crude prices, but the market would probably top out soon and experience a correction downwards as players sold to take profits.
Brent futures tried and failed to break resistance at $28/bbl Friday, but if there was strong enough follow-through buying today and an encouraging US oil stocks' report overnight Tuesday, this resistance could quickly be broken and futures might head towards $30/bbl before a correction occurred, they said.
On Friday, IPE June Brent settled at $27.79/bbl, up by 19¢ from the previous close. The day's high was $27.98 and the low $27.57.
On the IPE, the May natural gas contract settled at the equivalent of $3.29/Mcf, down 1¢.
The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $25.76/bbl Friday, compared with $25.69 the previous day.
