Market watch: Gasoline futures jump for Memorial Day

Gasoline futures prices jumped Wednesday on the New York Mercantile Exchange as traders looked forward to the upcoming Memorial Day weekend, which marks the official start of the US summer driving season.


By the OGJ Online Staff

HOUSTON, May 24 -- Gasoline futures prices jumped Wednesday on the New York Mercantile Exchange as traders looked forward to the upcoming Memorial Day weekend, which marks the official start of the US summer driving season.

The June contract for unleaded gasoline shot up 5.11¢ to $1.1589/gal in a market where price movements usually are less than a penny. Home heating oil for the same month also gained 0.64¢ to 81.53¢/gal.

Oil futures prices continued to slide, however. Benchmark US light, sweet crudes for July delivery lost 42¢ to $29.58/bbl on the NYMEX. The August contract also dropped 36¢ to $29.70/bbl.

The natural gas contract for June dipped 1¢ to $4.11/Mcf.

In London, the July contract for North Sea Brent crude retreated by 12¢ to $29.24/bbl on the International Petroleum Exchange. The June natural gas contract dipped by 0.5¢ to the equivalent of $2.93/Mcf on the IPE.

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