By OGJ editors
HOUSTON, Apr. 20 -- Energy futures prices generally dipped Monday as traders took profits from the previous rally.
Meanwhile, Chakib Khelil, Algeria's energy minister, said Monday that members of the Organization of Petroleum Exporting Countries can not do more to meet world demand for oil at this time.
He blamed market speculators and the political situation in the Middle East for the recent increase in energy prices. Political tensions in the Middle East have created a "risk factor" that has added $4-5/bbl to the current market price for crude, Kehlil said.
The May contract for benchmark US sweet, light crudes lost 32¢ to $37.42/bbl Monday on the New York Mercantile Exchange, while the June contract slipped by 24¢ to $36.75/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., declined by 30¢ to $37.43/bbl.
Heating oil for May delivery fell by 1.76¢ to 94.27¢/gal on NYMEX. Gasoline for the same month dropped 0.61¢ to $1.165/gal. The May natural gas contract lost 10.1¢ to $5.51/Mcf on NYMEX, pulled down by the fall of crude prices amid forecasts of milder weather and softer cash prices on the spot market, said analysts Tuesday at Enerfax Daily.
In London, the June contract for North Sea Brent crude declined by 18¢ to $33.46/bbl on the International Petroleum Exchange. However, gas oil for May delivery gained $6.50 to $300.50/tonne, while the May natural gas contract inched up by 0.18¢ to the equivalent of $3.68/Mcf on IPE.
The average price for OPEC's basket of seven benchmark crudes rose by 4¢ to $32.89/bbl.
