MARKET WATCHEnergy futures prices slide amid swelling supplies

Nov. 15, 2004
Energy prices generally slipped lower Friday as swelling supplies countered concerns about colder weather in the Northeast and other parts of the US.

By OGJ editors
HOUSTON, Nov. 15 -- Energy prices generally slipped lower Friday as swelling supplies countered concerns about colder weather in the Northeast and other parts of the US.

In Nigeria, a high court issued an order Thursday blocking a scheduled Nov. 16 strike by the Nigeria Labor Congress that threatened to shut down crude production and exports from the fifth-largest supplier to the US. However, labor officials said they plan to go ahead with the strike, despite the injunction.

Energy prices
The December contract for benchmark US light, sweet crudes dropped by 10¢ to $47.32/bbl Friday on the New York Mercantile Exchange. The January crude contract was down by 19¢ to $47.41/bbl.

On the US spot market, West Texas Intermediate at Cushing, Okla., was down by 10¢ to $47.33/bbl.

Heating oil for December delivery dipped by 0.02¢ to $1.3636/gal on NYMEX. However, gasoline for the same month increased by 1.25¢ to $1.26/gal. The December natural gas contract lost 6¢ to $7.18/Mcf.

In London, the December contract for North Sea Brent crude closed at $42.31/bbl on the International Petroleum Exchange, down by 71¢ for the day after trading as low as $42.20/bbl during that session, the lowest level since Sept. 20.

The Organization of Petroleum Exporting Countries was on a holiday Monday so the Friday average price for its basket of seven benchmark crudes was unavailable until Tuesday.