Market watch: Energy futures prices rise on bullish US inventory numbers, Middle East tensions

By the OGJ Online Staff

HOUSTON, Feb. 22 -- Oil futures prices rose Friday on momentum created by bullish US inventory numbers from last week and upon uncertainty about rising tensions in the Middle East.
Meanwhile, Norway's Petroleum Minister Einar Steensnaes said Norway will maintain its current, reduced production levels through the second quarter regardless of what Russia does on its on production levels.
"If Russia decides not to continue with cuts beyond the first quarter, this won't necessarily mean Norway will follow by suspending its own cuts," Steensnaes said.
The April contract for benchmark US sweet, light crudes rose 12¢s; to $21.07/bbl on the New York Mercantile Exchange, where the May contract also rose 9¢s; to $21.20/bbl Friday.
In after-hours electronic trading, the April contract slipped by 12¢s; to $20.95/bbl, while the May contract dropped by 8¢s; to $21.12/bbl.
Unleaded gasoline for March delivery gained 0.32¢s; to 58.68¢s;/gal during regular trading Friday on NYMEX. Home heating oil for the same month lost 0.33¢s; to close at 54.61¢s;/gal.
The March natural gas contract added 2.4¢s; to $2.45/mcf. This marked the third time in the last 6 months that the NYMEX natural gas price has exceeded the International Petroleum Exchange price on an Mcf-equivalent basis.
In London, the March natural gas contract lost 7.6¢s; to the equivalent of $2.34/Mcf, on IPE.
Meanwhile, the IPE April contract for North Sea Brent closed Friday at $20.37/bbl, which was unchanged from Thursday.
The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes retreated by 27¢s; to $18.94/bbl Friday. The price of the basket this year has averaged $18.54/bbl.