Oil prices should keep climbing toward the highs of 2008 as growing demand isn't matched by additional supplies and the price jump has been slow to cut into consumption, as W&T Offshore (NYSE:WTI), Whiting Petroleum (NYSE:WLL), GeoResources (NASDAQ::GEOI) and Valero Energy (NYSE:VLO) closed mixed Monday, April 25.
The front-month Brent crude-oil futures contract, the London benchmark, pulled back from a 2½-year high of $127 a barrel on April 11, amid concerns that soaring prices are hurting demand. It settled at $123.66 a barrel on Monday, up 5.4 percent so far in April. The front-month June contract on the New York Mercantile Exchange pulled back one cent to $112.28, still up 5.2 percent this month and 23 percent in 2011.
Benchmark crude for June delivery dropped a penny to settle at $112.28 a barrel on the New York Mercantile Exchange. In London, Brent crude fell 33 cents to settle at $123.66 a barrel on the ICE Futures exchange.
In other Nymex trading, heating oil was down 1.73 cents to settle at $3.1989 a gallon and gasoline futures increased a little less than a penny to settle at $3.2785 a gallon. Natural gas dropped 2.3 cents to $4.389 per 1,000 cubic feet.
Tuesday, April 26, 2011
Valero (VLO) (WTI) (WLL) (GEOI) Close Mixed as Oil Prices Pull Back
Labels:
Georesources,
Valero Energy,
Whiting Petroleum,
WT Offshore
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