By OGJ editors
HOUSTON, Oct. 19 -- Energy prices plummeted Monday in what analysts described as profit taking among major speculators after the recent run-up in record crude prices.
However, observers generally agreed that the crude futures market's full upside potential has not yet been reached and that prices are likely to rebound to new highs.
The November contract for benchmark US sweet, light crudes plunged by $1.26 to $53.67/bbl Monday on the New York Mercantile Exchange, while the December contract lost $1.13 to $52.84/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was down by $1.27 to $53.67/bbl.
Gasoline for November delivery plummeted by 5.9¢ to $1.35/gal Monday on NYMEX. Heating oil for the same month fell by 3.94¢ to $1.51/gal. However, the November natural gas contract gained 9.7¢ to $6.81/Mcf.
In London, the December natural gas contract lost $1.02 to $48.91/bbl on the International Petroleum Exchange.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes lost 67¢ to $45.47/bbl Monday.
