Market watch: Energy prices rise in kneejerk markets
Most energy futures prices rose Wednesday in a kneejerk reaction to a bullish weekly assessment of US petroleum stocks by the American Petroleum Institute. The June contract for benchmark US light, sweet crude gained 43¢ to $27.29/bbl on the New York Mercantile Exchange, recouping most of Tuesday's 75¢/bbl loss.
By the OGJ Online Staff
HOUSTON, Apr. 26 -- Most energy futures prices rose Wednesday in a kneejerk reaction to a bullish weekly assessment of US petroleum stocks by the American Petroleum Institute.
After the New York Mercantile Exchange closed Tuesday, the API reported US crude stocks declined by 1.5 million bbl to 313.7 million bbl total last week. US gasoline stocks increased by nearly 2.6 million bbl, but remained 4.8 million bbl below year-ago levels.
Wednesday, the June contract for benchmark US light, sweet crude gained 43¢ to $27.29/bbl on the NYMEX, recouping most of Tuesday's 75¢/bbl loss. The July oil contract also gained 45¢ to $27.79/bbl, following a 54¢/bbl loss Tuesday. Both contracts continued to climb in after-hours electronic trading to $27.50/bbl and $27.93/bbl, respectively.
Unleaded gasoline for May delivery jumped 1.12¢ to $1.0803/gal Wednesday, far surpassing its earlier minimal loss. Home heating oil for the same month rose by 1.56¢ to 75.3¢/gal.
However, the June natural gas contract fell 9.7¢ to $4.98/Mcf on the NYMEX.
In London, the June contract for North Sea Brent crude settled at $26.82/bbl, up 50¢ for the day, after trading as high as $26.90/bbl Wednesday on the International Petroleum Exchange.
The May natural gas contract also lost 8¢ to the equivalent of $3.32/Mcf on the IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes dipped 4¢ to $24.37/bbl on Wednesday.
