Market watch: Energy futures prices surge in international markets

Most energy futures continued to surge forward in international markets Monday. The July contract for benchmark US sweet, light crudes jumped 71¢ to $29.04/bbl on the New York Mercantile Exchange.

June 12, 2001

By the OGJ Online Staff

HOUSTON, June 12 -- Most energy futures continued to surge forward in international markets Monday.

The July contract for benchmark US sweet, light crudes jumped 71¢ to $29.04/bbl on the New York Mercantile Exchange, while the August oil contract gained 56¢ to $29.19/bbl.

Home heating oil for July delivery increased 1.62¢ to 78.27¢/gal, although unleaded gasoline for the same month dipped by 0.49¢ to 88.34¢/gal.

The July natural gas contract took a healthy hop to top the $4/Mcf mark again, up 25.7¢ to $4.18/Mcf on the NYMEX.

In London, North Sea Brent crude futures came close to breaking resistance at $30/bbl on the International Petroleum Exchange before the rally ran out of steam in a late round of profittaking, analysts said.

The July Brent contract closed at $29.57/bbl, up 13¢ for the day, after trading in a range of $29.44-$30/bbl. The July natural gas contract lost 2.4¢ to the equivalent of $2.88/Mcf on the IPE.

The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes rose 65¢ to $27.49/bbl Monday.