Market watch, Jan. 9

Energy futures were mixed on international markets Monday as oil prices tumbled. The February contract for benchmark US sweet, light crude dropped 63� to $27.32/bbl on the New York Mercantile Exchange, while the March contract was down 65� to $26.51/bbl.


Energy futures were mixed on international markets Monday as oil prices continued to tumble.

On the New York Mercantile Exchange, the February contract for benchmark US sweet, light crude dropped 63� to $27.32/bbl, while the March contract was down 65� to $26.51/bbl. However, both contracts were up in after-hours electronic trading Tuesday to $27.44/bbl and $26.65/bbl respectively.

In London, the February contract for North Sea Brent crude fell 75� to $24.43/bbl while the March contact fell 86� to $24.09/bbl on the International Petroleum Exchange.

Oil futures prices registered small losses Friday as traders sold positions to reap the profits from recent runups.

On Monday, home heating oil for February delivery plunged 3.55� to 82.58�/gal on the NYMEX, well below last week�s average price, which exceeded 86�/gal. However, unleaded gasoline for the same month gained 1.04� to 83.1�/gal.

The February natural gas contract increased by 42.8� to $9.689/Mcf on the NYMEX. On the IPE in London, the February natural gas contract gained 13� to the equivalent of $3.88/Mcf on the IPE.

The average price for the Organization of Petroleum Exporting Countries� basket of seven crudes dropped 21� to $23.30/bbl Monday, wiping out most of Friday�s gain.

More in Economics & Markets