MARKET WATCHFutures energy prices little changed Friday, awaiting OPEC news

Crude oil futures settled slightly lower Friday amid light trading and a lack of market-moving news as markets worldwide await the Organization of Petroleum Exporting Countries' meeting this week.

July 28, 2003

By OGJ editors
HOUSTON, July 28 -- Crude oil futures settled slightly lower Friday amid light trading and a lack of market-moving news as markets worldwide await the Organization of Petroleum Exporting Countries' meeting this week.

OPEC ministers are meeting in Vienna Thursday. Currently, OPEC's production ceiling is 25.4 million b/d.

Venezuela's Oil Minister Rafael Ramirez told reporters in Caracas last week that the markets are balanced. He declined to comment on what OPEC might decide this week.

Futures prices
The September contract for benchmark US light, sweet crudes settled 5¢ lower at $30.17/bbl Friday on the New York Mercantile Exchange while the October contract rose 1¢ to $29.83/bbl. Heating oil for August delivery slipped by 0.04¢ to 77.69¢/gal. Unleaded gasoline for the same month was up 0.10¢ to 89.93¢/gal.

NYMEX natural gas for August delivery declined by 2.5¢/Mcf to settle at $4.71/Mcf. The August contract expires Tuesday.

In London, the September contract for North Sea Brent oil increased by 2¢ to $28.18/bbl on the International Petroleum Exchange. The August natural gas contract gained 1¢ to the equivalent of $2.78/Mcf on IPE.

The average price for OPEC's basket of seven benchmark crudes climbed by 15¢ to $27.38/bbl Friday.