By OGJ editors
HOUSTON, Mar. 24 -- Crude oil futures prices closed slightly lower Mar. 20 after falling below $100/bbl earlier in the session. Electronic and floor trading was closed in the US markets Mar. 21 because of the Good Friday religious holiday.
Benchmark US light, sweet crudes for May delivery fell 70¢ to $101.84/bbl Mar. 20 on the New York Mercantile Exchange after sliding to as low as $98.65/bbl. The May contract is trading for the first time as the front month. It was the first drop by a front-month oil contract under $100/bbl since Mar. 5. On Mar. 19, the expiring April contract fell $4.94 to settle at $104.48/bbl (OGJ Online, Mar. 19, 2008).
On the US spot market, West Texas Intermediate at Cushing, Okla., was up 1¢ to $104.49/bbl. The April contract for reformulated blend stock for oxygenate blending (RBOB) gained 4.48¢ to $2.6051/gal on NYMEX. Heating oil for the same month dropped by 3.95¢ to $2.9772/gal.
The April natural gas contract increased 4.1¢ to $9.065/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., fell 3¢ to $9.085/MMbtu.
In London, the May IPE contract for North Sea Brent crude fell ¢34 to $100.38/bbl.
The Organization of Petroleum Exporting Countries' office remained closed Mar. 21 because of a holiday, so no average price was available for OPEC's basket of 13 reference crudes.
