Market watch: Prices fall on lack of news
Energy futures prices declined in trading on the New York Mercantile Exchange Monday. The August contract for light, sweet crude, the American benchmark, fell by 62¢ to $27.59/bbl, while the September contract stood at $27.19, down by 50¢.
By the OGJ Online Staff
HOUSTON, July 10 -- Energy futures prices declined in trading on the New York Mercantile Exchange Monday.
The August contract for light, sweet crude, the American benchmark, fell by 62¢ to $27.59/bbl, while the September contract stood at $27.19, down by 50¢. In after-hours electronic access trading, the August contract was fetching $27.64/bbl and the September contract $27.20.
Refined petroleum products also closed lower, with August home heating oil giving back 0.99¢ to rest at 72.79¢/gal, while unleaded gasoline for the same month retreated by 0.73¢ to finish at 74.94¢/gal.
The August contract for natural gas fell 6.5¢ to close at $3.153/Mcf. The September contract fell 6.3¢ to close at $3.229/Mcf.
Meanwhile, in London Monday, North Sea Brent crude oil futures slipped back to just above $26/bbl on the International Petroleum Exchange, on a mixture of profit-taking and anticipation of another bearish US oil stocks' report from the American Petroleum Institute.
Brokers said the market lacked fresh bullish news to support prices, and values would probably continue to drift lower and test support at $26/bbl more aggressively in the next few days.
On Monday, IPE August Brent futures settled at $26.15/bbl, down by 66¢ from the previous close. The day's high was $26.76 and the low $26.15. Further selling is predicted today as a follow on from Monday's weaker close.
Also on the IPE, the August contract for natural gas rose the equivalent of 2.2¢ to $2.55/Mcf.
The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $24.72/bbl Monday, down 28¢ from the previous Friday.