Market watch: Energy futures prices continue climb

Energy futures prices continued to increase Friday, buoyed by a generally bullish outlook for market fundamentals among traders.

May 20, 2002

By OGJ editors

HOUSTON, May 20 -- Energy futures prices continued to increase Friday, buoyed by a generally bullish outlook for market fundamentals among traders.

The June contract for benchmark US light, sweet crudes gained 23¢ to $28.18/bbl on the New York Mercantile Exchange, while the July contract inched up 7¢ to $27.15/bbl.

Unleaded gasoline for June delivery rose 0.85¢ to 80.38¢/gal on NYMEX, and heating oil for the same month was up 0.44¢ to 68.6¢/gal. However, the June natural gas contract dipped by 1.1¢ to $3.60/Mcf.

In London, the new near-term July contract for North Sea Brent oil declined by 2¢ to $26.36/bbl on the International Petroleum Exchange. The June natural gas contract, however, jumped by 6.5¢ to the equivalent of $1.77/Mcf on IPE.

The official news agency for the Organization of Petroleum Exporting Countries was closed for a public holiday Monday and did not report the Friday price for OPEC's basket of seven benchmark crudes.