Market watch: Energy futures rebound, especially gasoline

Energy futures prices rebounded in trading on the New York Mercantile Exchange Thursday, particularly gasoline prices, which were affected by concerns about production levels compared to this same period last year. Unleaded gasoline for June gained 4.1¢ to end at $1.0711/gal.

May 4, 2001

By the OGJ Online Staff

HOUSTON, May 4 -- Energy futures prices rebounded in trading on the New York Mercantile Exchange Thursday, particularly gasoline prices, which were affected by concerns about production levels compared to this same period last year.

Unleaded gasoline for June gained 4.1¢ to end at $1.0711/gal, while home heating oil for the same month added 2.2¢ to end at 76.58¢/gal.

The June contract for light, sweet crude gained 65¢ to settle at $28.45/bbl, and the July contract rose by 60¢ to end at $28.99/bbl.

In after-hours electronic trading, the June contract rose 24¢ to $28.69/bbl, while the July contract gained 21¢ to $29.20/bbl.

NYMEX natural gas for June delivery rose by 4.4¢ to $4.527/Mcf.

Meanwhile in London Thursday, North Sea Brent crude futures rallied on the International Petroleum Exchange to $28.07/bbl, up 48¢. The day's high was $28.15/bbl and the low was $27.01/bbl.

On the IPE, the June natural gas contract settled at the equivalent of $3.35/Mcf, up 2¢.

The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $25.84/bbl Thursday compared with $25.49/bbl the previous day.