MARKET WATCHOil futures prices fall amid trading based on technical signals
By OGJ editors
HOUSTON, May 5 -- Futures prices for crude oil fell Friday, countering the gains made the previous day on the New York Mercantile Exchange. The decrease was attributed mainly to trading based on technical signals, analysts reported.
The June contract for benchmark US light, sweet crudes lost 36¢ to $25.67/bbl Friday on NYMEX, while the July contract slipped by 37¢ to $25.47/bbl.
Refined petroleum products futures prices also closed lower Friday. Heating oil for June delivery was down 1.18¢ to 67.92¢/gal. Unleaded gasoline for delivery same month, meanwhile, lost 2.24¢ to 76.78¢/gal.
The average price for the OPEC basket of benchmark crude oils lost 1¢ to $23.84/bbl Friday.
US natural gas prices
Meanwhile, the June natural gas contract lost 1.2¢ to $5.26/Mcf Friday on NYMEX.
"The market opened up and traded slightly higher (Friday) until midmorning when it fell quickly below $5.25(/Mcf), but recovered somewhat and traded sideways on both sides of $5.25 for the rest of the day," said analysts Monday at Enerfax Daily.
Enerfax also forecast that the US Energy Information Administration would report a build of natural gas in storage later this week. Gas storage levels last week stood at 741 bcf, down 865 Bcf, or 54%, from a year ago (OGJ Online, May 2, 2003). "Look for the EIA to report a build of about 85 bcf to 95 bcf this week, compared to an injection of 39 bcf a year ago, and a 5-year average build of 63 bcf," Enerfax said.
"The National Weather Service outlook for May 7-11 calls for above-normal temperatures east of the Mississippi River and the desert Southwest, with normal to below-normal temperatures through the rest of the nation," Enerfax added.