By OGJ editors
HOUSTON, May 10 -- Energy futures prices slipped slightly Thursday with reports that members of the Organization of Petroleum Exporting Countries are exceeding their production quotas.
The June contract for benchmark US light, sweet crudes lost 17¢ to $27.68/bbl on the New York Mercantile Exchange, while the July position slipped 9¢ to $26.92/bbl. However, both positions rebounded, to $27.89/bbl and $27.12/bbl respectively, in after-hours electronic trading.
During the regular NYMEX session Thursday, unleaded gasoline for June delivery fell 1.31¢ to 77.46¢/gal, but heating oil for the same month increased 0.39¢ to 67.79¢/gal. The June natural gas contract dipped 2.7¢ to $3.72/Mcf.
In London, the June contract for North Sea Brent oil declined 9¢ to $25.94/bbl on the International Petroleum Exchange. Natural gas for the same month slipped by 0.4¢ down to the equivalent of $1.84/Mcf on the IPE.
The average price for OPEC's basket of seven benchmark crudes declined by 2¢ to $25.33/bbl Thursday.