Market watch: Energy futures rise in trading

Energy futures prices rose in trading on the New York Mercantile Exchange Thursday. The September contract for light, sweet crude, the American benchmark, rose 10¢ to settle at $27.64/bbl. The October contract rose 8¢ to close at $27.04/bbl. In after-hours access trading, the September contract was fetching $27.78, and the October contract was fetching $27.14.


By the OGJ Online Staff

HOUSTON, Aug. 10 -- Energy futures prices rose in trading on the New York Mercantile Exchange Thursday but were relatively unchanged on the International Petroleum Exchange in London.

The September contract for light, sweet crude, the American benchmark, rose 10¢ to settle at $27.64/bbl. The October contract rose 8¢ to close at $27.04/bbl. In after-hours access trading, the September contract was fetching $27.78, and the October contract was fetching $27.14.

Refined petroleum products also closed higher, with September home heating oil rising by 0.58¢ to rest at 73.64¢/gal, while unleaded gasoline for the same month advanced by 1.04¢ to finish at 77.93¢/gal.

However, NYMEX natural gas for September delivery declined by 8¢ to finish at $2.956/Mcf.

Traders realized that demand for petroleum was not declining as fast as previously predicted because the US economy is slowing, analysts said.

This week's inventory report from the American Petroleum Institute confirmed that domestic stockpiles of petroleum products declined over the previous week.

On the IPE, North Sea Brent crude oil futures were mostly unchanged in a quiet trading Thursday.

Brokers said futures were stabilizing at $25.50/bbl, if some fresh supportive news or data emerged. Otherwise, prices were likely to drift lower. IPE September Brent settled at $25.68/bbl, down by 2¢. The day's high was $25.75 and the low $25.51, a fairly narrow trading range.

Also on the IPE, the September contract for natural gas fell 1¢ to $2.38/Mcf.

The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $24.50, down 23¢ from the day before.

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