MARKET WATCHEnergy prices continue to inch up

May 11, 2005
Energy prices continued to inch up May 10, led by gasoline on the New York market following reports that a power outage curtailed operations at a Louisiana refinery.

By OGJ editors

HOUSTON, May 11 -- Energy prices continued to inch up May 10, led by gasoline on the New York market following reports that a power outage curtailed operations at a Louisiana refinery.

The June contract for benchmark US light, sweet crudes increased by 4¢ to $52.07/bbl on the New York Mercantile Exchange. The July contract gained 11¢ to $53.49/bbl. On the US spot market, West Texas Intermediate was up by 4¢ to $52.08/bbl. Gasoline for June delivery climbed by 2.3¢ to $1.51/gal on NYMEX. Heating oil for the same month was up by 0.94¢ to $1.45/gal. The June natural gas contract inched up by 2¢ to $6.69/MMbtu

In London, the June contract for North Sea Brent crude gained 14¢ to $51.46/bbl on the International Petroleum Exchange.

The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes increased by 34¢ to $48.16/bbl.