Market watch, Oct. 12
Energy futures prices continued to climb Wednesday on the New York Mercantile Exchange in response to a report Tuesday by the American Petroleum Institute that US inventories of oil and distillates declined last week.
The November contract for home heating oil jumped by 2.07� to $1.0178/gal on the NYMEX, while natural gas for the same month surged by 37.4� to $5.51/Mcf.
Unleaded gasoline for November also gained 0.99� to 92.4�/gal.
The November contract for the benchmark US light, sweet crude advanced by 7� to $33.25/bbl on the NYMEX, while the December contract gained 17� to $33.24/bbl.
Many analysts indicated that the report of declining inventories would contribute to a further increase in energy prices. But both oil contracts registered sharper declines in after-hours electronic trading Wednesday to $33.05/bbl and $33.01/bbl, respectively.
Trading was mixed on the International Petroleum Exchange in London, where the November contract for North Sea Brent crude closed at $31.79/bbl, down 6� for the day. However, the contract for December delivery of Brent crude gained 4� to $32.17/bbl.
Also on the IPE, natural gas closed at the equivalent of $3.96/Mcf, down 7.6�.
On the Singapore exchange, North Sea Brent fell 6� to $31.79/bbl for November delivery. The December position inched up by 4� to $32.17. The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes was unchanged at $30.54/bbl.