By OGJ editors
HOUSTON, Apr. 24 -- Energy futures prices generally continued to advance in New York and London markets Tuesday.
The June contract for crude oil gained 22¢ to $26.62/bbl on the New York Mercantile Exchange, while the July position was up 18¢ to $26.37/bbl. However, both fell back to $26.14/bbl and $25.90/bbl, respectively, in after-hours electronic trading following an American Petroleum Institute report late Tuesday on US petroleum inventories that was more bearish than some expected.
API reported US crude stocks declined by 966,000 bbl to a total of 317.97 million bbl last week, and that distillate inventories were down 967,000 bbl to 119.65 million bbl last week. However, it said US gasoline inventories jumped by nearly 2.5 million bbl to a little more than 212 million bbl.
During regular trade Tuesday on NYMEX, unleaded gasoline for May delivery jumped by 1.14¢ to 80.16¢/gal. Heating oil for the same month was up 0.72¢ to 66.53¢/gal. However, the May natural gas contract dipped by 0.5¢ to $3.59/Mcf.
In London, the June contract for North Sea Brent oil was up 11¢ to $26/bbl Tuesday on the International Petroleum Exchange. But by midday Wednesday it was trading at $25.52/bbl, down 48¢ from Tuesday's close. Brokers said that drop was partly in response to the API report and partly a move by traders to take profits from the earlier rally. They said that market appeared stable around a price of $25.50/bbl and could rally with fresh bullish news.
The May natural gas contract gained 3.7¢ to the equivalent of $1.72/Mcf Tuesday on IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes increased by 14¢ Tuesday to $25.24/bbl.
