Crude Oil Futures Stumble

Updated from 2:48 p.m. EST

Energy futures were generally flat to lower Tuesday as traders adjusted their focus toward warmer temperatures staking claim upon much of the U.S.

The March light sweet crude oil contract finished the day down $1.32 to $58.07 a barrel. The near-term heating oil contract was 2 cents lower at $1.65 a gallon, and unleaded gasoline was even at $1.65 per gallon.

Natural gas, weaker earlier, turned around and rose 9 cents to $7.59 per million British thermal units.

Analysts say that a springtime mentality is setting in at the New York Mercantile Exchange as the near-term contract for crude oil changes this week from the March contract to the April contract.

Max Pyziur, energy analyst at CPM Group in New York, said the energy market is seeing a "see-saw effect" from competing forces caused by market fundamentals and geopolitical news.

On one hand, the U.S. has large inventories of crude and refined products like distillates, gasoline and jet fuel, says Pyziur. As winter tapers off, refineries tend to ramp up gasoline production to prepare for the summer driving season.

However, the U.S. already has adequate gasoline inventory for this coming summer, and the market is pricing that in.

On the other hand, there's continuing uncertainty in financial markets over what will come of the Iranian nuclear issue. Many United Nations member countries are expected to react in one form or another over the next few days.

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