Market watch, Aug. 29

Energy futures prices rose strongly in trading on the New York Mercantile Exchange Monday. Trading was still shaded by supply concerns, however. Market participants are awaiting the release of US inventory data, due to be released at the end of today's trading.


Energy futures prices rose strongly in trading on the New York Mercantile Exchange Monday. Trading was still shaded by supply concerns, however.

Market participants are awaiting the release of US inventory data, due to be published at the end of today's trading. Inventory numbers, though always important for traders, have assumed a critical role in the light of very low stock levels as the winter season approaches.

The October contract for NYMEX benchmark light, sweet crude added 84� to settle at $32.87/bbl. The November contract closed at $31.94, up 71�.

In after-hours electronic access trading in New York, NYMEX crude was fetching $32.95/bbl for the October position and $32/bbl for the November contract, both up from the NYMEX close.

Refined petroleum products also closed higher. September home heating oil rose 2.94� to rest at 99.88�/gal, while unleaded gasoline for the same month jumped 2.36� to settle at 97.77�/gal.

NYMEX natural gas for September delivery improved by 5.7� to end at $4.69/Mcf.

The price of the Organization of Petroleum Exporting Countries' basket of seven crudes stood at $31.22/bbl Monday, compared with $30.44 the previous Friday.

There was no trading on the International Petroleum Exchange in London yesterday due to a public holiday.

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