Market watch: Energy prices up slightly

Energy futures prices closed generally firmer in trading on the New York Mercantile Exchange Tuesday. The June contract for light, sweet crude, the American benchmark, rose 48¢ to settle at $28.94/bbl.

May 2nd, 2001


By the OGJ Online Staff

HOUSTON, May 2 -- Energy futures prices closed generally firmer in trading on the New York Mercantile Exchange Tuesday.

The June contract for light, sweet crude, the American benchmark, rose 48¢ to settle at $28.94/bbl. The July contract rose 47¢ to close at $29.33/bbl. In after-hours electronic trading, light, sweet crude was fetching $28.38/bbl for the June position and $28.83 for the July contract, both down from the NYMEX close.

Refined petroleum products ended mixed, with June home heating oil putting on 1.16¢ to settle at 76.47¢/gal, while unleaded gasoline for the same month slipped by 0.18¢ to rest at $1.0584/gal.

Meanwhile, in London Tuesday, North Sea Brent crude oil futures settled higher on the International Petroleum Exchange, following the price rise seen on the NYMEX.

Brokers pointed out that NYMEX futures rose in anticipation of higher demand for crude from refiners anxious to maximize their gasoline production.

On Tuesday, IPE June Brent settled at $28.33/bbl, up by 44¢ from the previous close. The day's high was $28.40 and the low $27.62.

Also on the IPE, the June contract for natural gas rose 6¢ to the equivalent of $4.14/Mcf.

The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $25.91/bbl Tuesday, compared with $25.90 the previous day.

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