By OGJ editors
HOUSTON, July 27 -- Energy futures prices fell with profit taking Monday, but markets continue to be underpinned by fears of terrorist attacks and by the pending financial disintegration of Russian oil giant OAO Yukos.
Reports that a fire at a German refinery would not long curtail its production also affected the market, said analysts.
The September contract for benchmark US sweet, light crudes lost 27¢ to $41.44/bbl Monday on the New York Mercantile Exchange, while the October contract was down by 30¢ to $40.97/bbl. On the US spot market, West Texas Intermediate slipped by 9¢ to $41.44/bbl.
Gasoline for September delivery dropped 3.21¢ to $1.2467/gal Monday on NYMEX. Heating oil for the same month declined by 1.84¢ to $1.1133/gal. The September natural gas contract plunged by 17.7¢ to $5.96/Mcf Monday.
In London, the September contract for North Sea Brent crude retreated by 16¢ to $38.11/bbl Monday on the International Petroleum Exchange. The August natural gas contract fell by 7.3¢ to the equivalent of $3.97/Mcf. However, gas oil for August delivery inched up by 75¢ to $358/tonne on IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes continued to climb, up by 6¢ to $37.02/bbl after hitting an 8-week high on Friday. OPEC's basket price is now the highest since June when it was $37.64/bbl. The price has been above OPEC's target band of $22-28/bbl since Dec. 2.
