By OGJ editors
HOUSTON, Feb. 15 -- Crude prices closed slightly higher on Feb. 14, but both gasoline and heating oil prices dropped slightly on the New York Mercantile Exchange.
The March contract for benchmark light, sweet crudes gained 28¢ to $47.44/bbl on NYMEX. During the trading session, the price peaked briefly at $47.75/bbl upon suggestions that the Organization of Petroleum Exporting Countries might cut its production quotas.
Adnan Shihab Eldin, OPEC acting secretary-general, said, "We are expecting that OPEC may have to cut" based on an anticipated global crude oil inventory build. OPEC has a Mar. 16 meeting scheduled. It did not make any cuts at its meeting in Vienna Jan. 30.
On the US spot market, West Texas Intermediate at Cushing, Okla., was up by 28¢ to $47.45/bbl. Heating oil for March delivery dropped 1.14¢ to $1.294/gal on NYMEX. Gasoline for the same month was down slightly by 0.57¢ to $1.278/gal.
The March natural gas contract held unchanged at $6.09/MMbtu on NYMEX.
In London, the April contract for North Sea Brent crude rose by 25¢ to $45.53/bbl on the International Petroleum Exchange.
The average price for the OPEC basket of seven benchmark crudes gained 6¢ to $41.44/bbl.
