Commodities : Energy Futures Prices Gain
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Energy futures prices advanced Monday on further indication that OPEC is doing a good job holding down production and that some tightness in heating oil supplies may be developing.
On other markets, livestock futures were higher while pork bellies declined. Wheat and soybean futures posted losses and gold was a little higher.
A Middle East economics journal reported that oil production this month by members of the Organization of Petroleum Exporting Countries has been about 14 million barrels a day, 1.8 million barrels below the cartel’s ceiling.
This was regarded as further evidence that OPEC is willing to cut production rather than price in its efforts to maintain $18-a-barrel oil.
Heating oil futures led the price moves on the New York Mercantile Exchange, with the April contract gaining more than 1 cent a gallon. “Apparently there’s a sight tightness of nearby barrels (of heating oil),” said Andrew Lebow, an analyst in New York with Shearson Lehman Bros.
He said there also was an uncomfirmed rumor that Algeria was having trouble meeting its commitments to supply oil products.
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