Market watch: Energy futures prices continue to waffle
By the OGJ Online Staff
HOUSTON, Aug. 14 -- Energy futures prices continued to waffle in international markets, dipping Monday after a brief rally last week.
The September contract for benchmark US light, sweet crude dropped 23¢ to $27.82/bbl on the New York Mercantile Exchange, while the October contract lost 11¢ to $27.21/bbl. Both contracts gained slightly in after-hours electronic trading to $27.86/bbl and $27.23/bbl, respectively.
Unleaded gasoline for September delivery advanced 0.26¢ to 80.16¢/gal Monday, but home heating oil for the same month retreated 0.2¢ to 74.19¢/gal on the NYMEX. The September contract for natural gas fell 4.1¢ to $3/Mcf.
In London, North Sea Brent crude futures drifted lower as buying interest waned Monday following an earlier rally to $26.28/bbl on the International Petroleum Exchange. The September Brent contract closed at $25.88/bbl, down 10¢ for the day.
The September natural gas contract also lost 1.3¢ to the equivalent of $2.38/Mcf on the IPE.
The Organization of Petroleum Exporting Countries' basket of seven crudes inched up 1¢ to $24.92/bbl Monday.