Market watch: Energy prices firm slightly in uncertain markets

Energy futures prices firmed slightly Monday in still uncertain international markets. The new near-month January contract for benchmark US sweet, light crudes inched up 6¢ to $18.43/bbl.

Nov. 20, 2001

2 min read

By the OGJ Online Staff

HOUSTON, Nov. 20 -- Energy futures prices firmed slightly Monday in still uncertain international markets.

As often is the case, the expiring December contract for benchmark US sweet, light crudes dropped 31¢ to $17.72/bbl on the New York Mercantile Exchange, but the new near-month January contract inched up 6¢ to $18.43/bbl.

Both the January and February crude positions declined in after-hours electronic trading, however, down to $18.38/bbl and $18.60/bbl respectively.

Unleaded gasoline for December delivery gained 0.57¢ to 50.79¢/gal during Monday's regular trading session on the NYMEX. Home heating oil also was up 0.2¢ to 52.38¢/gal. The December natural gas contract jumped 15.4¢ to $2.79/Mcf.

In London, the January contract for North Sea Brent settled at $18.01/bbl, up 26¢ for the day after aggressively trading as low as $16.65/bbl Monday on the International Petroleum Exchange. Brokers credited the late recovery to technical buying after an early selloff in that market. They predicted Monday's gain could be swiftly lost, with oil prices likely to fall unless new and unexpected bullish factors emerge in that market.

The December natural gas contract gained 6¢ to the equivalent of $3.51/Mcf Monday in the IPE.

Meanwhile, the average price for the Organization of Petroleum Exporting Countries' basket of seven crudes continued to erode, down 23¢ to $15.85/bbl Monday.