Market watch: Friday prices rose
By the OGJ Online Staff
HOUSTON, May 21 -- Energy futures prices rose strongly in trading on the New York Mercantile Exchange Friday.
The June contract for light, sweet crude, the American benchmark, rose $1 to settle at $29.91/bbl, while the July contract rose $1.13 to settle at $30.34/bbl. In after-hours electronic access trading in New York, the June contract was fetching $30.15, and the July contract $30.58.
The June contract for natural gas rose to $4.291/Mcf, up 4.3¢.
Refined petroleum products also closed higher, with June home heating oil rising by 2.05¢ to rest at 80.44¢/gal, while unleaded gasoline for the same month surged by 4.78¢ to finish at $1.0690/gal.
Meanwhile, in London Friday, North Sea Brent crude oil futures ended the day sharply higher on the International Petroleum Exchange, as crude futures followed gasoline higher.
Friday's rise in prices was partly due to technical buying, triggered when Brent futures broke through resistance at $29/bbl, they said.
IPE July Brent futures settled at $29.39/bbl, up by 93¢ from the previous close. The day's high was $29.45 and the low $28.58.
Also on the IPE, the June natural gas contract rose 2¢ to settle at the equivalent of $3.19/Mcf.
The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $26.92/bbl Friday, compared with $26.36 the previous day.