23 May 2007 - 11:05
  • News Code: 105390

The June crude contract continued to climb, topping $66/bbl May 21 on the New York market, but some profit taking was expected May 22 following a 5.5% gain in crude prices in the past week.

The market was tempered, however, by threats of violence by the militant Movement for the Emancipation of the Niger Delta in Nigeria, leading up to the inauguration of that country"s new president on May 29, said analysts in the Houston office of Raymond James & Associates Inc.


Energy prices

The June contract for benchmark US sweet, light crudes jumped by $1.33 to $66.27/bbl May 21 on the New York Mercantile Exchange, the highest closing since Apr. 27. The July contract gained 89¢ to $66.87/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was up by $1.33 to $66.28/bbl. Heating oil for June delivery on NYMEX increased by 3.57¢ to $1.95/gal on NYMEX. However, the June contract for reformulated blend stock for oxygenate blending (RBOB) lost 0.64¢ to $2.40/gal.


The June natural gas contract dropped 3.1¢ to $7.91 MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., fell 23¢ to $7.66/MMbtu. "There has been noticeable [gas price] volatility due to the shoulder season," Raymond James analysts said.


In London, the July IPE contract for North Sea Brent crude escalated by $1.07 to $70.49/bbl—its highest close since late August. Gas oil for June gained $2 to $604.25/tonne.


The average price for the Organization of Petroleum Exporting Countries" basket of 11 benchmark crudes increased by 22¢ to $66.10/bbl on May 21.



News Code 105390

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