MARKET WATCHEnergy futures prices mixed in profit taking

Feb. 24, 2004
Energy futures prices were mixed Monday in an apparent continuation of earlier profit taking.

By OGJ editors
HOUSTON, Feb. 24 -- Energy futures prices were mixed Monday in an apparent continuation of earlier profit taking.

The April contract for benchmark US light, sweet crudes gained 9¢ to $34.35/bbl Monday on the New York Mercantile Exchange through increased buying by investment funds in expectation of later higher prices for that contract, in light of the high finish for the March contract that expired Friday. However, the May contract slipped by 13¢ to $33.47/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., gained 15¢ to $35.78/bbl.

Unleaded gasoline for March delivery dropped 0.29¢ to $1.0277/gal Monday on NYMEX. Heating oil for the same month dipped by 0.15¢ to 88.51¢/gal. The March natural gas contract lost 6.6¢ to $5.13/Mcf.

In London, the April contract for North Sea Brent crude seesawed between $30.45-31.08/bbl before closing at $30.81/bbl, up 12¢ for the day on the International Petroleum Exchange. So far, that market has maintained support for Brent crude futures above $30.50/bbl, but forecasts of warmer weather in US markets are likely to push prices lower in the short term, analysts said.

Gas oil gained $7 to $259.25/tonne Monday. However, the March natural gas contract lost 8¢ to the equivalent of $4.07/Mcf on IPE.

The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes inched up by 3¢ to $30.20/bbl Monday.