By OGJ editors
HOUSTON, Apr. 21 -- Energy futures prices were mixed Tuesday but generally drifted down in what analysts described as a correction from too-high levels.
The May contract for benchmark US light, sweet crudes gained 18¢ to $37.60/bbl on the New York Mercantile Exchange, but the June position lost 25¢ to $36.50/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., increased by 17¢ to $37.60/bbl Tuesday.
Heating oil for May delivery lost 1.16¢ to 93.11¢/gal Tuesday on NYMEX. Gasoline for the same month retreated by 0.66¢ to $1.1584/gal amid rumors that California, Connecticut, and New York may delay introduction of stricter vehicle emissions controls. The proposed controls were expected to cool the overheated US gasoline market and could impact crude market prices too, analysts said.
Meanwhile, the May natural gas contract gained 4.4¢ to $5.55/Mcf Tuesday on NYMEX as traders covered outstanding sales positions after the recent 8% gain in that market. However, analysts said mild weather and soft spot market prices limit the potential upside for natural gas futures.
In London, the June contract for North Sea Brent crude lost 35¢ to $33.11/bbl on the International Petroleum Exchange. Gas oil for May delivery fell by $7.75 to $292.75/tonne. The May natural gas contract declined by 6.6¢ to the equivalent of $3.58/Mcf on IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes lost 44¢ to $32.45/bbl Tuesday.