Sam Fletcher
Senior Writer
HOUSTON, Jan. 24 -- Crude futures topped $69/bbl in intraday trading Jan. 23 on the New York market before declining in profit-taking from last week's rally.
Ali I. al-Naimi, Saudi Arabia's oil minister, reassured world markets that there is a large enough supply of crude to meet global demand this winter.
Meanwhile, Rafael Ramirez, Venezuela's oil minister, said his country would support a production cut if one is proposed at the Jan. 31 meeting of ministers of the Organization of Petroleum Exporting Countries. Most analysts doubt that OPEC will take such action with current high prices for crude.
Energy prices
The new front-month March contract for benchmark US sweet, light crudes climbed to $69.20/bbl Jan. 23 on the New York Mercantile Exchange before falling back to $68.10/bbl, down 38¢ for the day. The April contract lost 29¢ to $68.67/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was down by 50¢ to $67.86/bbl.
Heating oil for February delivery dropped 2.63¢ to $1.84/gal on NYMEX. Gasoline for the same month declined by 2.38¢ to $1.79/gal. The February natural gas contract fell by 70.6¢ to a summertime-low level of $8.59/MMbtu amid predictions of warmer-than-usual weather.
In London, the March contract for North Sea Brent crude was down by 27¢ to $66.16/bbl on the International Petroleum Exchange. Gas oil for February delivery increased by $4 to $569.25/tonne, however.
The average price for OPEC's basket of 11 benchmark crudes advanced by 51¢ to $60.90/bbl on Jan. 23.
Contact Sam Fletcher at [email protected].
