Market watch: Prices back on the way up

By the OGJ Online Staff

HOUSTON, Apr. 4�Energy futures prices rebounded in trading on the New York Mercantile Exchange Tuesday.

The May contract for light, sweet crude climbed 60� to close at $26.19/bbl, while the June contract stood at $26.39, up by 52�.

Refined petroleum products also closed higher, with May home heating oil rising 2.13� to rest at 69.56�/gal, while unleaded gasoline for the same month advanced 3.37� to rest at 93.17�/gal.

NYMEX natural gas for May delivery rose 1.2� to end at $5.12/Mcf.

Analysts said concerns about gasoline supplies in the upcoming summer driving season led to the market's recovery. However, they were not confident about the depth of the recovery. They looked to Wednesday's trade to be more decisive on American Petroleum Institute stocks numbers released after Tuesday's close.

Meanwhile in London, Brent crude oil futures rallied Tuesday on the International Petroleum Exchange in what was largely a technical recovery that remained below the key $25/bbl mark.

Brokers said the market was trying to break out of the range seen in the previous few days but was hampered by the lack of fresh significant news, particularly bullish news.

May Brent settled at $24.77/bbl, up 66� from the previous close. The day's high was $24.80 and the low $24.25.

On the IPE, the May natural gas contract settled at the equivalent of $3.14/Mcf, up 5�.

The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $22.96/bbl Tuesday, compared with $22.53 the previous day.