Market watch: Crude oil prices rise in NYMEX trade, fall on API report

Crude oil prices were slightly higher in trading on the New York Mercantile Exchange Tuesday. However, the American Petroleum Institute's weekly stocks report showed a crude oil boost, with 315,980,000 bbl in storage compared with 315,002,000 last week. Crude fell in after-hours trading on the NYMEX.

Feb. 6, 2002

2 min read

By the OGJ Online Staff

HOUSTON, Feb. 6 -- Crude oil prices were slightly higher in trading on the New York Mercantile Exchange Tuesday.

The March contract for light, sweet crude rose 13¢ to rest at $20.20/bbl at trading's close, while the April contract rose 1¢ to rest at $20.37.

The American Petroleum Institute's weekly stocks report showed a crude oil boost, with 315,980,000 bbl in storage compared with 315,002,000 last week. In after-hours electronic access trading, the March contract was fetching $19.98/bbl, while the April contract was fetching $20.35.

The March heating oil contract fell 0.12¢ to 53.69¢/gal, while gasoline for the same month fell 0.79¢ to close at 58.52¢/gal.

The March natural gas price fell 4.3¢ to close at $2.074/Mcf.

Meanwhile in London, Brent crude oil futures slipped lower on the International Petroleum Exchange to test support at $19.50/bbl.

The market's mood remains cautiously bearish and players are watching for inventory and production data for indications of any further deterioration in fundamentals.

March Brent futures settled at $19.56/bbl, down 25¢ from the previous close. The day's high was $19.77 and the low $19.30.

Also on the IPE, the March natural gas contract fell 13¢ to the equivalent of $2.71/Mcf.

The price of the Organization of Petroleum Exporting Countries' basket of seven crudes stood at $18.52/bbl Tuesday, compared with $18.70 the previous day.