By OGJ editors
HOUSTON, Jan. 19 -- Energy futures prices generally declined slightly after fluctuating through some wide swings as the New York Mercantile Exchange resumed trading Jan. 18.
Aside from predictions of warmer weather next week in key US markets, there was little to spur traders into action one way or the other.
The February contract for benchmark US light, sweet crudes seesawed between $47.70 and $49.50/bbl before closing unchanged at $48.38/bbl Jan. 18 on NYMEX, while the March contract lost 5¢ to $48.48/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., also remained unchanged, at $48.39/bbl.
Gasoline for February delivery fell by 1.42¢ to $1.26/gal. Heating oil for the same month was down by 0.71¢ to $1.34/gal. The February natural gas contract closed at $6.14/MMbtu, down 25.8¢ for the day, after fluctuating between $6.08-6.81/MMbtu in earlier trading. "Early buying on firm crude oil prices and cold weather this week was offset by more moderate weather forecasts for next week," said analysts at Enerfax Daily.
In London, the March contract for North Sea Brent crude gained 36¢ to $45.39 bbl on the International Petroleum Exchange.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes increased by 16¢ to $41.97/bbl on June 18.
