By the OGJ Online Staff
HOUSTON, Mar. 21 -- Energy futures prices were mixed in international markets Wednesday as traders digested inventory numbers from the American Petroleum Institute and the US Department of Energy.
Both reports showed US crude stockpiles rose last week. API estimated the stocks rose 2.2 million bbl, while DOE reported a 2.6 million bbl increase.
Meanwhile, product stocks declined, both API and DOE said. Distillate inventories, which include heating oil, were lower by 2.9 million bbl, API said. DOE estimated them to be down by 2.5 million bbl.
Gasoline stocks were down by 3.8 million bbl and 2.4 million bbl, API and DOE reported, respectively.
The expiring April contract for benchmark light, sweet crudes gained 2¢ to $24.90/bbl while the May contract dropped 26¢ to $25.02/bbl. In after-hours electronic trading, the May contract dropped 8¢ to $24.94/bbl, and the June contract dropped 6¢ to $25.04/bbl.
Heating oil for April delivery rose by 0.45¢ to 66.57¢/gal during the regular NYMEX session Wednesday. Unleaded gasoline for the same month lost 1.24¢ to 81.92¢/gal. The April natural gas contract was down 14.5¢ to $3.11/Mcf.
In London, North Sea Brent prices fell on the International Petroleum Exchange after some brokers sold on the futures market to make a profit after prices earlier had rallied to $25/bbl. The May Brent contract dropped 25¢ to settle at $24.66/bbl Wednesday, although the day's high was $25.60/bbl. The April natural gas contract held steady at the equivalent of $2.20/Mcf on IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes dropped by 24¢ to $22.98/bbl. The basket price had jumped by $1.04 to $23.22/bbl on Tuesday based upon reports that Russia will continue to curb its oil exports through June.
