By OGJ editors
HOUSTON, June 10 -- Energy prices rebounded June 9 as Arlene, the first named tropical storm of the 2005 Atlantic hurricane season, approached the Gulf of Mexico.
Early on June 10, the National Hurricane Center in Miami reported Arlene's poorly defined center was 50 miles north of Cuba's western tip and moving north-northwest at 10 mph, with maximum sustained winds of 55 mph. Storm watches were issued from Florida to Louisiana.
Energy prices
After losing a total of $2.49/bbl over the first three trading sessions this week, the July contract for benchmark US light, sweet crudes rebounded by $1.74 to $54.28/bbl June 9 on the New York Mercantile Exchange. The August contract increased by $1.72 to $55.57/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was up by $1.74 to $54.29/bbl. Gasoline jumped by 7.39¢ $1.57/gal on NYMEX. Heating oil for the same month gained 7.28¢ to $1.63/gal. The July natural gas contract increased by 4.5¢ to $7.05/MMbtu.
In London, the July contract for North Sea Brent escalated by $1.71 to $53.82/bbl on the International Petroleum Exchange.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes gained 34¢ to $50.55/bbl.