By the OGJ Online Staff
HOUSTON, Mar. 27�Traders� concerns about tight gasoline supplies helped boost energy futures prices Monday, although gains were not as spectacular as in the previous session.
The April contract for unleaded gasoline increased 0.78� to 93.34�/gal Monday on the New York Mercantile Exchange.
With US gasoline stocks at unusually low levels going into the peak summer driving season, many traders expect a repetition of last year�s events when gasoline prices soared because of supply concerns.
Also, many market participants apparently are convinced now that the Organization of Petroleum Exporting Countries and key non-OPEC producers are determined not to allow oil prices to plummet if a slowing US economy softens demand, analysts said.
Benchmark US light, sweet crude for May delivery gained 18� to $27.48/bbl on the NYMEX, while the June contract was up 15� to $27.53/bbl.
The April contract for home heating oil lost 0.5� to 76.1�/gal Monday, but natural gas for the same month rose 4.9� to $5.32/Mcf.
In London, a light spate of profit-taking late Monday siphoned off most of the day�s gains for North Sea Brent crude futures on the International Petroleum Exchange. The May Brent contract closed at $25.40/bbl, up only 2� from the previous session after trading in the range of $25.36-$25.80/bbl.
That market bounced off resistance to $26/bbl as �unjustifiably high,� brokers reported, and fairly light selling was enough to take the price back down. But analysts claim it�s unlikely to fall below $25/bbl soon.
Still, London brokers said continued selling was encouraged today by expectations that the American Petroleum Institute�s weekly report on US petroleum inventories will be bearish. That report is scheduled for release late today after close of trading on the NYMEX.
The April natural gas contract was up 3� Monday to the equivalent of $3.41/Mcf on the IPE.
The average price for OPEC�s basket of seven crudes gained 6� to $23.58/bbl.
