By the OGJ Online Staff
HOUSTON, Apr. 6--Energy futures prices continued to rise, although at a lower pace, in trading on the New York Mercantile Exchange Thursday.
The May contract for light, sweet crude advanced 14� to settle at $27.26/bbl. The June contract rose 22� to $27.49/bbl.
Refined petroleum products also closed higher, with May home heating oil rising 0.99� to finish at 73.65�/gal, while unleaded gasoline for the same month jumped 0.07� to rest at 97.22�.
NYMEX gas for May delivery advanced 24� to end at $5.42/Mcf.
The recent rally in energy futures appeared to have lost some steam, as profit-taking was evident in gasoline, which has proved to be the engine of the current rally.
Low stocks of the product at this time of the year -- lower by nearly 5% than last year -- are fuelling fears of possible shortages during the peak driving season.
News of technical problems at a refinery in Pennsylvania added to traders' concerns.
A statement by the Kuwaiti oil minister, Adel K. Al-Sabeeh, was received with interest by traders. He reaffirmed the Organization of Petroleum Exporting Countries' position that if oil prices fall below the target of $22/bbl, the organization would be prepared to cut production once again.
Meanwhile in London, Brent crude oil futures were unchanged at the close of trading Thursday on the International Petroleum Exchange.
Brokers said bearish sentiment and selling led by the New York market in the afternoon erased the gains made earlier in the day. Brent futures tried and failed narrowly to break through resistance at $26, and, having failed, fell back to around $25.30.
The market's next direction was unclear, brokers said, but prices would probably stabilize at around $25.40-$25.50, they added.
May Brent settled unchanged from Wednesday, at $25.32/bbl. The day's high was $25.95 and the low was $25.09.
On the IPE, the May natural gas contract settled at the equivalent of $3.22/Mcf, up 4�.
OPEC's basket of seven crudes stood at $23.95/bbl Thursday, compared with $23.77 the previous day.
