By the OGJ Online Staff
HOUSTON, Oct. 17 -- Energy futures prices continued to weaken in international markets Tuesday.
The November contract for benchmark US light, sweet crudes dropped 29¢ to $22/bbl on the New York Mercantile Exchange, while the December contract fell 32¢ to $22.26/bbl.
However, both contracts rebounded to $22.31/bbl and $22.57/bbl, respectively, in after-hours electronic trading following an unexpectedly bullish report of US inventories by the American Petroleum Institute late Tuesday.
The API said US oil stocks fell by 7 million bbl last week, while gasoline inventories were down by 651,000 bbl. However, distillate stocks, including home heating oil, gained 2.8 million bbl during the same period.
Unleaded gasoline for November delivery lost 0.69¢ to 59.02¢/gal during Tuesday's regular session on the NYMEX. Home heating oil for the same month was down 0.44¢ to 62.67¢/gal.
The November contract for natural gas surged by 21.4¢ to $2.59/Mcf, however.
In London, North Sea Brent futures prices showed little change on the International Petroleum Exchange as traders awaited fresh news of events in Afghanistan. The November Brent contract gained 2¢ to $21.70/bbl. The November natural gas contract also increased 3.7¢ to the equivalent of $3.18/Mcf on the IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes continue to languish below the cartel's targeted price range of $22-$28/bbl. It retreated by 15¢ to $19.48/bbl Tuesday.
