MARKET WATCHEnergy futures close mixed in Friday trading
By OGJ editors
HOUSTON, Mar. 22 -- Energy futures prices closed mixed in New York and London markets Friday, reflecting what traders called market nervousness about terrorism.
The April contract expires at the end of trading Monday. During Friday's trading, crude prices experienced wide swings.
On Sunday, Qatari Minister of Energy and Industry Abdullah bin Hamad Al Attiyah said that the Organization of Petroleum Exporting Countries will discuss all options at its Mar. 31 meeting in Vienna.
OPEC's February decision to cut its production by 1 million b/d, effective Apr. 1, remained unchanged, he told reporters on the sidelines of an LNG conference in Doha.
Regarding the recent upward trend in oil prices, he said there was no lack of supply, and he believes the rise in oil prices stems from psychological and political factors.
Meanwhile, Algerian Minister of Energy and Mines Chakib Khelil blamed most of the current price rise on speculators and tight US gasoline inventories. "Prices are high, but not for lack of supply," Khelil told reporters at the same LNG conference.
Energy prices
The April contract for benchmark US light, sweet crudes gained 15¢ to $38.08/bbl Friday on the New York Mercantile Exchange. The May contract rose by 23¢ to $37.62/bbl.
On the US spot market, West Texas Intermediate at Cushing, Okla., rose by 15¢ to $38.08/bbl.
Heating oil for April delivery declined by 0.75¢ to 93.88¢/gal on NYMEX. Gasoline for the same month gained 0.28¢ to $1.1555/gal. The April natural gas contract slipped by 4.9¢ to $5.58/Mcf.
In London, the May contract for North Sea Brent crude was up 13¢ to $33.26/bbl Friday on the International Petroleum Exchange.
Gas oil for April delivery lost $3.25 to $288.50/tonne. The April natural gas contract lost 4¢ to the equivalent of $3.72/Mcf on IPE.
The average price for OPEC's basket of seven benchmark crudes dipped by 2¢ to $33.01/bbl Friday.