Market watch: Energy futures prices dip despite weather forecasts

Oil futures prices dipped Monday despite speculation that this winter might be colder than normal. The November contract for benchmark US light, sweet crudes dropped 15¢ to $23.28/bbl on the New York Mercantile Exchange.

Oct. 2, 2001

By the OGJ Online Staff

HOUSTON, Oct. 2 -- Oil futures prices dipped Monday despite speculation that this winter might be colder than normal.

The November contract for benchmark US light, sweet crudes dropped 15¢ to $23.28/bbl on the New York Mercantile Exchange, while the December contract was down 12¢ to $23.56/bbl. Both continued to slide in after-hours electronic trading to $23.10/bbl and $23.35/bbl, respectively.

Home heating oil for November delivery lost 1¢ to 65.99¢/gal. Unleaded gasoline for the same month gained 0.77¢ to 65.26¢/gal. The November natural gas contract fell 3.6¢ to $2.21/Mcf on the NYMEX.

In London, futures prices for North Sea Brent crude continued to drift lower. The November Brent contract lost 37¢ to $22.89/bbl Monday on the International Petroleum Exchange. The November natural gas contract inched up 0.45¢ to the equivalent of $3.44/Mcf on the IPE.

The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes dropped 55¢ to $20.44/bbl Monday.