Market watch: Energy futures prices mixed in international trade

Energy futures prices were mixed Thursday amid escalating tensions between the US and Iraq, expiration of the near-month oil contract in London, and expectations that more oil will be bought for the US Strategic Petroleum Reserve.

Feb. 15, 2002

By the OGJ Online Staff

HOUSTON, Feb. 15 -- Energy futures prices were mixed Thursday amid escalating tensions between the US and Iraq, expiration of the near-month oil contract in London, and expectations that more oil will be bought for the US Strategic Petroleum Reserve.

The March contract for benchmark US light, sweet crudes advanced 5¢ to $21.23/bbl on the New York Mercantile Exchange, while the April contract remained unchanged at $21.52/bbl. However, in after-hours electronic trading both positions rose to $21.33/bbl and $21.65/bbl, respectively.

Home heating oil for March delivery moved up 0.22¢ to 55.62¢/gal on the NYMEX, but unleaded gasoline for the same month dipped 0.64¢ to 60.26¢/gal. The March natural gas contract also dropped 5.9¢ to $2.19/Mcf.

In London, futures prices for North Sea Brent crude fell in profit taking with expiry of the March contract on the International Petroleum Exchange. The March position closed at $20.82/bbl, down 10¢ for the day after trading in a range of $20.80-$21.40/bbl. The March natural gas contract lost 6.4¢ to the equivalent of $2.59/Mcf on the IPE.

The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes gained 16¢ to $19.41/bbl Thursday.