Sam Fletcher
Senior Writer
HOUSTON, June 7 -- Natural gas futures prices pushed past $7/MMbtu June 6 on the New York market, but crude futures prices fell in profit taking from last week's run up.
The July natural gas contract jumped by 24.2¢ to $7.12/MMbtu on the New York Mercantile Exchange, "buoyed by bullish technicals [preset triggers for buying] and hotter, summerlike weather across much of the eastern half of the [US] that kicked up air conditioning demand," said analysts at Enerfax Daily.
"Temperatures in New York and Chicago started the week at much above normal with highs climbing to hear 90° [F]," analysts reported. Natural gas for August delivery climbed by 24.2¢ to $7.20/MMbtu, while the September contract was up by 23.1¢ to $7.22/MMbtu on NYMEX.
However, the June contract for benchmark US sweet, light crudes fell by 54¢ to $54.49/bbl on NYMEX. The August contract lost 29¢ to $55.69/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was down by 54¢ to $54.50/bbl. Gasoline for July delivery dropped 2.76¢ to $1.53/gal on NYMEX, but heating oil for the same month increased by 1.7¢ to $1.62/gal.
In London, the July contract for North Sea Brent crude declined by 50¢ to $53.67/bbl on the International Petroleum Exchange.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes increased by 46¢ to $51.18/bbl on June 6.
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