Market watch, Jan. 31

Energy futures prices closed mixed in trading on the New York Mercantile Exchange Tuesday.

The March contract for light, sweet crude was unchanged at $29.06/bbl, while the April contract was $28.25, also unchanged from the previous close.

Refined petroleum products ended mixed, with February home heating oil losing 1.17� to settle at 80.03�/gal, while unleaded gasoline for the same month advanced by 0.66� to finish at 88.20�/gal.

Warmer weather forecasts continued to cast their spell on the home heating oil market.

Traders are increasingly becoming confident that the chances of shortages of the product during this winter have greatly decreased because of higher levels of stocks and a decline in demand.

NYMEX natural gas for March delivery fell 3.9� to end at $6.10/Mcf.

In after-hours electronic access trading in New York, light, sweet crude brought $29.26/bbl for the March position and $28.35 for the April contract, both up from the NYMEX close.

Meanwhile, in London Tuesday, North Sea Brent crude oil futures settled slightly higher on the International Petroleum Exchange, but remained below $27/bbl.

Brokers said there were no significant fresh factors in the market. Technically and fundamentally, futures appear firm, but unlikely to rally sharply.

On Tuesday, IPE March Brent futures settled at $26.89/bbl, up by 29� from the previous close. The day's high was $27.08 and the low $26.30.

The March IPE contract for gas was down 17� to the equivalent of $4.12/Mcf.

The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $24.56/bbl, compared with $24.99 the previous day.