MARKET WATCHCrude prices climb with colder weather ahead of holiday

Crude prices increased Feb. 18 with forecasts of cold weather ahead of the long 3-day weekend and US Presidents' Day holiday.

Feb. 21, 2005

By OGJ editors

HOUSTON, Feb. 21 -- Crude prices increased Feb. 18 with forecasts of cold weather ahead of the long 3-day weekend and US Presidents' Day holiday.
The New York Mercantile Exchange was closed Feb. 21 for the US holiday.
The March contract for benchmark US light, sweet crudes jumped by 80¢ to $48.35/bbl Feb. 18 on NYMEX. Heating oil for March delivery gained 3.65¢ to $1.35/gal. Gasoline for the same month was up by 2.69¢ to $1.26/gal.
However, natural gas dipped by 15¢ to $5.92/MMbtu on NYMEX.
In London, the April contract for North Sea Brent crude increased by 52¢ to $46.34/bbl on the International Petroleum Exchange.
On Feb. 18, the average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes inched up by 12¢ to $42.68/bbl. For last week as a whole, however, OPEC's benchmark price averaged $41.68/bbl, up by $1.55 from the previous week.
So far this year, OPEC's basket price has averaged $40.53/bbl, up from an average $36.05/bbl for all of 2004.