By OGJ editors
HOUSTON, Nov. 14 -- Crude oil prices continued to fall on the New York market on Nov. 11, while gas prices rose.
The price of gas futures for December delivery on the New York Mercantile Exchange rose 33.2¢ to $11.712/MMbtu.
Enerfax Daily analysts attributed the increase to forecasts for cooler weather in the US Northeast and Midwest.
Energy prices
The December contract for benchmark US light, sweet crudes fell by 27¢ on NYMEX to $57.53/bbl Nov. 11, the lowest settlement since July 21. Oil prices still are 20% higher than for this time a year ago. The January contact was down by 26¢ to $58.48/bbl.
Heating oil for December delivery dropped 2¢ to $1.7235/gal on NYMEX, the lowest close since Aug. 4. Gasoline for the same month retreated by 2.18¢ to $1.485/gal.
In London, the December contract for North Sea Brent crude declined by 69¢ to $54.99/bbl on the International Petroleum Exchange.
The average price for the Organization of Petroleum Exporting Countries' basket of 11 benchmark crudes dropped $1.05 to $50.25/bbl on Nov. 11.
