By the OGJ Online Staff
HOUSTON, Apr. 25 -- Energy futures prices continued to fluctuate on international markets Tuesday, without any major developments to push them, industry analysts said.
On the New York Mercantile Exchange, the June contract for benchmark US light, sweet crudes tumbled 75¢ to $26.86/bbl, while the July contract was down 54¢ to $27.34/bbl. Those prices continued to slide in after-hours electronic trading to $26.80/bbl and $27.30/bbl, respectively, despite a report late Tuesday by the American Petroleum Institute that US crude inventories declined by 1.5 million bbl to a total 313.8 million bbl last week.
Refined products also closed weaker on the NYMEX Tuesday, with the May contract for home heating oil dropping 1.41¢ to 73.74¢/gal and unleaded gasoline for the same month dipping 0.02¢ to $1.0691/gal.
The API reported US gasoline stocks increased by 2.6 million bbl last week, although still down by 4.8 million bbl below year-ago levels. Distillate fuel stocks, including heating oil, declined by 1.2 million bbl last week.
Natural gas for May delivery retreated by 4.7¢ Tuesday to $5.08/Mcf on the NYMEX.
In London, the June contract for North Sea Brent crude lost 23¢ to $26.32/bbl on the International Petroleum Exchange, while the July contract was down 25¢ to $26.40/bbl. The May natural gas contract dipped 4¢ to the equivalent of $3.40/Mcf on the IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes lost 16¢ to $24.41/bbl Tuesday.
