By OGJ editors
HOUSTON, June 1 -- Futures prices for crude and natural gas inched higher in May 31 trading based on expectations of summer demand.
The July contract for benchmark US light, sweet crudes climbed by 12¢ to $51.97/bbl May 31 on the New York Mercantile Exchange. The August contract gained 39¢ to $52.75/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was up by 13¢ to $51.98/bbl. Heating oil for June delivery on NYMEX inched up by 0.61¢ to $1.45/gal. However, gasoline for the same month dipped by 0.59¢ to $1.47/gal.
The July natural gas contract increased by 0.9¢ to $6.38/MMbtu on NYMEX "as end-users bought contracts around perceived 3-month [price] lows and boosted by stronger cash market prices and expectations of summer heat," said analysts at Enerfax Daily.
In London, the July contract for North Sea Brent crude gained 3¢ to $50.73/bbl on the International Petroleum Exchange.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes dipped by 2¢ to $47.60/bbl on May 31.
