By the OGJ Online Staff
HOUSTON, Jan. 24 -- International energy futures prices continued to climb Wednesday, spurred by indications that members of the Organization of Petroleum Exporting Countries are still dissatisfied with current price levels and may favor another production cut.
The March contract for benchmark US sweet, light crudes rose 52¢ to $19.50/bbl on the New York Mercantile Exchange, while the April contract was up 41¢ to $19.75/bbl. However, the two positions dipped to $19.45/bbl and $19.71/bbl, respectively, in after-hours electronic trading, following a report by the American Petroleum Institute that US crude oil stocks increased by 845,000 bbl last week.
US gasoline inventories also expanded by 2.1 million bbl, but distillate stocks, including home heating oil, were down 2.35 million bbl during the same period, said API officials. That weekly report was delayed a day because of the Martin Luther King holiday.
During the regular NYMEX trading session Wednesday, unleaded gasoline for February delivery jumped 1.56¢ to 56.35¢/gal, while home heating oil for the same month advanced 1.12¢ to 52.53¢/gal. The February natural gas contract dipped 3¢ to $2.08/Mcf, however.
In London, North Sea Brent crude prices pushed past the $19/bbl level again on the International Petroleum Exchange with reports that US refiners are reducing runs and advancing maintenance shutdowns in response to reduced demand for refined products.
The March Brent contract increased 44¢ to $19.19/bbl Wednesday. The February natural gas contract also gained 2.6¢ to the equivalent of $3.52/Mcf on the IPE.
The average price for OPEC's basket of seven crudes rose 38¢ to $18.08/bbl Wednesday.
