MARKET WATCHEnergy futures prices continue to climb
By OGJ editors
HOUSTON, May 3 -- Futures market prices for crudes and petroleum products registered small gains in volatile trading Friday.
Analysts said there were no significant changes in supply and demand fundamentals as markets continued to trade on the basis of record-low US inventories of gasoline and the continued ramp-up of political tension in the Middle East.
The gasoline futures price continued its climb to new highs, with the June contract gaining 0.23¢ to $1.2467/gal Friday on the New York Mercantile Exchange. Heating oil for the same month was up by 0.41¢ to 95.36¢/gal.
Benchmark US light, sweet crudes for June delivery increased by 7¢ to $37.38/bbl Friday on NYMEX, while the July contract inched up by 3¢ to $37.08/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., gained 5¢ to $37.38/bbl Friday.
However, the June natural gas contract lost 6.2¢ to $5.86/Mcf Friday on NYMEX, "with front months pressured by mostly mild weather forecasts," despite firmer prices for crude and buying by traders Friday to cover open sales contracts over the weekend, said analysts Monday at Enerfax Daily.
In London, the June contract for North Sea Brent crude gained 10¢ to $34.48/bbl Friday on the International Petroleum Exchange. Gas oil for May delivery rose by $8 to $309/tonne. The June natural gas contract increased by 2.4¢ to the equivalent of $3.62/Mcf.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes increased by 66¢ to $33.99/bbl Friday.