By OGJ editors
HOUSTON, May 2 -- The near-month futures price for crude fell below the $50/bbl mark Apr. 29 for the first time in more than 2 months as traders resumed selloffs.
The June contract for benchmark US light, sweet crudes dropped by $2.05 to $49.72/bbl on the New York Mercantile Exchange, while the July contract was down by $1.80 to $51.45/bbl. On the US spot market, West Texas Intermediate lost $2.05 to $49.73/bbl. Gasoline for May delivery plunged by 5.57¢ to $1.49/gal on NYMEX, while heating oil for the same month fell by 5.29¢ to $1.44/gal.
The June natural gas contract dropped by 16.3¢ to $6.59/MMbtu, "pressured by another sharp decline in crude oil prices and fairly mild weather forecasts for this week that should cut demand," said analysts May 2 at Enerfax Daily.
In London, the June contract for North Sea Brent crude was down by $1.39 to $51.09/bbl on the International Petroleum Exchange.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes lost 13¢ to $47.90/bbl Apr. 29. So far this year, OPEC's basket price has averaged $45.38/bbl.