By the OGJ Online Staff
HOUSTON, Oct.10 -- Energy futures registered small increases on international markets Tuesday as traders awaited new developments from US raids in Afghanistan and the bigger players remained on the sidelines.
The November contract for benchmark US sweet, light crudes inched up 3¢ to $22.48/bbl on the New York Mercantile Exchange, while the December contract gained the same amount to $22.89/bbl. However, both contracts declined in after-hours electronic trading to $22.45/bbl and $22.83/bbl, respectively.
Those involved in electronic access trading apparently were unmoved by the American Petroleum Institute's report late Tuesday that US crude inventories declined by 3.4 million bbl last week to a total 304.3 million bbl. US stocks of unleaded gasoline also were down 2.2 million bbl to 206 million bbl, while distillate inventories -- including home heating oil and diesel fuel -- increased by 1.1 million bbl to 122.8 million bbl total.
Home heating oil for November delivery earlier increased by 0.21¢ to 64.68¢/gal during the regular trading session on the NYMEX, but unleaded gasoline for the same month dipped by 0.1¢ to 61.37¢/gal. The November natural gas contract gained 11.8¢ to $2.39/Mcf.
In London, the November contract for North Sea Brent crude closed at $21.88/bbl, up 31¢ for the day after briefly touching $22/bbl Tuesday on the International Petroleum Exchange. Brokers said the price should hover around the $22/bbl mark pending developments in Afghanistan.
The November natural gas contract dropped 5.3¢ to the equivalent of $3.29/Mcf on the IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes lost 14¢ to $19.61/bbl Tuesday, into the third week that price has remained below the group's targeted floor of $22/bbl.
