By OGJ editors
HOUSTON, Jan. 4 -- Energy prices declined Jan. 3 with continued predictions of warmer US weather in the near term.
The February natural gas contract fell 35.9¢ to $5.79/MMbtu on the New York Mercantile Exchange, "pressured by mild weather forecast for most of the nation that continued to cut demand," said analysts at Enerfax Daily. "Volume picked up [Dec. 3] after 2 weeks of thin trading, with many offices back after being short-staffed over Christmas and the New Year holidays. Private weather forecasters said temperatures in the Northeast [US] will average near or above normal early to mid-week and above normal late in the week. The Midwest is expected to remain mostly near normal before edging back above normal by early in the weekend," they said.
Other prices
The February contract for benchmark US sweet, light crudes lost $1.33 to $42.12/bbl Dec. 3 on NYMEX, while the March contract was down by $1.29 to $42.34/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., declined by $1.52 to $42.13/bbl. Heating oil for February delivery dropped 6.04¢ to $1.19/gal on NYMEX. Gasoline for the same month dipped by 0.12¢ to $1.1317/gal.
The International Petroleum Exchange in London was closed Jan. 3. The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes lost 76¢ to $35.67/bbl.
