By the OGJ Online Staff
HOUSTON, Oct. 3 -- Energy futures prices continued to tumble on international markets Tuesday.
The November contract for benchmark US light, sweet crudes lost 49¢ to $22.79/bbl on the New York Mercantile Exchange while the December contract dropped 45¢ to $23.11/bbl. Both continued their downward slide in after-hours electronic trading to $22.35/bbl and $22.70/bbl after the American Petroleum Institute reported an increase in US inventories of oil and refined products during the previous week.
US crude stocks rose by 3.4 million bbl while inventories of unleaded gasoline were up 4.8 million bbl. Home heating oil gained 56,000 bbl during the week.
Home heating oil for November delivery fell 1.33¢ to 64.66¢/gal Tuesday on the NYMEX, while unleaded gasoline for the same month declined 1.21¢ to 64.05¢/gal. The November contract for natural gas recouped 6¢ to $2.27/Mcf.
In London, the November contract for North Sea Brent crude lost 84¢ to $22.05/bbl on the International Petroleum Exchange. The November natural gas contract gained 1.8¢ to $3.44/Mcf on the IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes dipped by 14¢ to $20.30/bbl Tuesday, well below the minimum $22/bbl of the cartel's target price range.