MARKET WATCHEnergy prices rebound ahead of weekend

Energy prices generally rebounded Friday as traders protected themselves from any market surprises over the weekend.

Nov. 1, 2004

2 min read

By OGJ editors

HOUSTON, Nov. 1 -- Energy prices generally rebounded Friday as traders protected themselves from any market surprises over the weekend.

Meanwhile, officials with Iraq's interim government said Sunday they have allocated $1.2 billion for upstream investment to boost that country's oil production to 3.2 million b/d. Workers have already increased the capacity of the Khor al-Amaya export terminal in the Persian Gulf to 650,000 b/d from 400,000 b/d, officials said.

The December contract for benchmark US light, sweet crudes gained 84¢ to $51.76/bbl Friday on the New York Mercantile Exchange, while the January position advanced by 86¢ to $51.60/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., also increased by 84¢, to $51.77/bbl. Gasoline for November delivery was up by 2.14¢ to $1.31/gal. However, heating oil for the same month slipped by 0.7¢ to $1.4462/gal.

The December natural gas contract bumped up by 4.1¢ to $8.73/Mcf Friday on NYMEX, "lifted by a late rally in crude oil prices despite mild early-week weather forecasts that softened the [spot] cash market," said analysts Monday at Enerfax Daily.

In London, the December contract for North Sea Brent crude gained 61¢ to $48.98/bbl Friday on the International Petroleum Exchange.

The Vienna-based news agency of the Organization of Petroleum Exporting Countries was closed Monday for a public holiday, so there was no report of OPEC prices for Friday.