Market watch: Energy futures prices continue lackluster performance

Energy futures prices pulled back Thursday, continuing a week-long mix of lackluster market movements.

May 24, 2002

2 min read

By OGJ editors

HOUSTON, May 24-- Energy futures prices pulled back Thursday, continuing a week-long mix of lackluster market movements.

The American Petroleum Institute's bearish report on US oil inventories earlier this week subsequently produced mostly small declines and occasional rebounds within a narrow range of petroleum futures prices. Analysts have said the markets are starved for fresh news that might trigger more movement either way.

Trading on the New York Mercantile Exchange usually lags prior to the 3-day Memorial Day weekend as some traders leave the city for an extended holiday. Some may have opted to liquidate long positions just in case of adverse events over the long weekend.

The July contract for benchmark US light, sweet crudes dropped 22¢ to $26.15/bbl on the New York Mercantile Exchange. The August position retreated by 14¢ to $26.23/bbl.

Unleaded gasoline for June delivery dipped by 0.85¢ to 78.83¢/gal Thursday on the NYMEX. Heating oil for the same month was down 0.45¢ to 66.5¢/gal. The June natural gas contract lost 2.1¢ to $3.44/Mcf.

In London, the July contract for North Sea Brent oil declined by 11¢ to $25.39/bbl on the International Petroleum Exchange. However, the June natural gas contract edged up 2¢ to the equivalent of $1.75/Mcf on the IPE.