By OGJ editors
HOUSTON, Nov. 11 -- Energy futures prices closed mixed in trading on the New York Mercantile Exchange Monday, and analysts said a Sunday terrorist attack in Saudi Arabia had a neutral effect on prices.
Energy markets worldwide held fairly steady in the aftermath of the attack upon assurances from Saudi Arabian officials that oil operations remained secure and that the country's exports will not be affected.
Authorities said Sunday's terrorist attack on the outskirts of Riyadh apparently was aimed at expatriates working in Saudi Arabia.
Saudi Aramco spokesman Nasser Al-Nafisse told reporters that, "Our facilities are very well protected. We are doing what needs to be done to ensure there is sustained production."
On Tuesday, oil futures were narrowly higher in early NYMEX trading, hovering around $31/bbl for December delivery.
Energy prices
The December and January contracts for benchmark US light, sweet crudes rose marginally Monday on NYMEX . The December contract climbed by 3¢ to $30.88/bbl, and the January contract rose by 6¢ to 30.62/bbl.
On the cash spot market Monday, West Texas Intermediate crude at Cushing, Okla., remained unchanged from Friday at $30.88/bbl. Unleaded gasoline for December delivery pulled back by 0.87¢ to 82.44¢/gal Monday on NYMEX. Heating oil for the same month lost 0.36¢ to 83.22¢/gal.
Natural gas for December delivery edged up 0.5¢ to $4.71/Mcf Monday on NYMEX.
Forecasts call for milder midweek temperatures, noted analysts Tuesday at Enerfax Daily.
"Prices may become volatile¿with [anticipated] rapid changes in weather," analysts said. Forecasts call for cold temperatures later in the week followed by warming temperatures.
In London, the December contract for North Sea Brent oil settled little changed on the International Petroleum Exchange, after falling sharply from highs reported last week. Brokers said that the market fall had been expected.
On Monday, IPE December Brent futures settled at $28.99/bbl, up by 8¢. However, gas oil for November delivery continued to decline, down by 50¢ to $260.50/tonne. The December natural gas contract also continued its fall, down by 56.1¢ to the equivalent of $5.09/Mcf Monday on IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes gained 28¢ to $28.58/bbl Monday.
