Energy Contracts End Mixed
03/19/07 - 04:56 PM EDT
Chuck Marvin
Updated from 1:40 p.m. EDT
Energy futures were mixed Monday, with oil easing while gasoline edged to the upside. The near-term contract for crude oil finished down 52 cents at $56.59 a barrel at the New York Mercantile Exchange. Reformulated gasoline was 5 cents higher at $1.96 a gallon, and heating oil was unchanged at $1.69 a gallon. Natural gas slid 7 cents to $6.85 per million British thermal units. After exhibiting substantial weakness early in the session, advancing gasoline prices re-energized crude oil futures, sending them into positive territory. However, traders exiting their April positions ahead of the contract's expiration Tuesday ultimately sent it lower. Gasoline futures have climbed from a low of $1.58 a gallon on Jan. 19, driven by high demand ahead of the summer driving season and refinery shortfalls. "Refineries should be buying crude oil and ramping up gasoline production in this environment," said Max Pyziur, energy analyst for CPM Group in New York. "These large spreads simply don't make sense." Providing limited support to gas prices was a fire that erupted at BP's (BP Quote - Cramer on BP - Stock Picks) Carson, Calif., refinery on Friday. The fire was reportedly extinguished in six minutes and won't affect the refinery's output.
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