Market watch: Energy futures prices climb in nervous markets

Energy futures prices increased in international markets Thursday. The March contract for benchmark US light, sweet crudes gained 40¢ to $19.48/bbl on the New York Mercantile Exchange.

Feb. 1, 2002

By the OGJ Online Staff

HOUSTON, Feb. 1 -- Energy futures prices increased in international markets Thursday.

The March contract for benchmark US light, sweet crudes gained 40¢ to $19.48/bbl on the New York Mercantile Exchange, while the April position was up 37¢ to $19.81/bbl.

Home heating oil for February delivery jumped 1.38¢ to 52.29¢/gal on the NYMEX. Unleaded gasoline for the same month rose 0.61¢ to 55.92¢/gal. The March natural gas contract increased 5.8¢ to $2.14/Mcf.

In London, futures prices for North Sea Brent crude climbed above $19/bbl in late trading Thursday on the International Petroleum Exchange.

However, analysts said that market retains a bearish tone because of "disappointing" fundamentals of historically high inventories and poor demand. Support for $19/bbl oil in the London market could easily be broken by a slight increase in selling, they said.

The March Brent oil contract gained 39¢ to $19.18/bbl Thursday. However, the March natural gas contract dipped 4.7¢ to $2.88/Mcf on the IPE.

The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes increased 32¢ to $18.35/bbl Thursday.