Market watch: Oil futures prices rise with market adjustments

Energy futures prices rebounded in another adjustment of New York and London markets Thursday. The June contract for crude oil on the New York Mercantile Exchange rose 35¢ to $26.73/bbl, while the July contract was up 28¢ to $26.42.

April 26, 2002

By OGJ editors

HOUSTON, Apr. 26 -- Energy futures prices rebounded in another adjustment of New York and London markets Thursday.

The June contract for crude oil on the New York Mercantile Exchange rose 35¢ to $26.73/bbl, while the July contract was up 28¢ to $26.42. However, both retreated in after-hours electronic trading to $26.50/bbl and $26.25/bbl, respectively.

Heating oil for May delivery gained 1.08¢ to 67.2¢/gal during NYMEX's regular trading session. Unleaded gasoline for the same month increased by 0.61¢ to 79.37¢/gal. But the May natural gas contract lost 12.4¢ to $3.30/Mcf.

In London, The June contract for North Sea Brent oil increased 17¢ to $25.93/bbl, while the July position gained 23¢ to $25.72/bbl on the International Petroleum Exchange. The May natural gas contract also jumped 11.4¢ to the equivalent of $1.94/Mcf on IPE.

The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes was up 36¢ to $25.16/bbl Thursday.