Oil prices flat in Asian trading ahead of midweek supply
Traders were looking ahead to the midweek US petroleum inventory report, which is likely to show rising crude stocks and falling gasoline and distillate supplies.
By PTI |
Singapore: Oil prices were flat in Asian trading on Tuesday on a lack of driving factors ahead of the expiration of the contract this week.
Traders were looking ahead to the midweek US petroleum inventory report, which is likely to show rising crude stocks and falling gasoline and distillate supplies, according to a Dow Jones Newswires survey of analysts.
Light, sweet crude for May delivery was down just 3 cents to USD 63.58 a barrel in Asian electronic trading on the New York Mercantile Exchange. Slow trading is not unusual ahead of a contract's expiration.
The May futures contract expires Friday. The Brent contract for June delivery, on London's ICE Futures exchange, was showing more movement Tuesday, up 32 cents to USD 67.57 a barrel.
Trading was volatile yesterday on news of election-related violence in oil-producing Nigeria, but Nymex oil prices ended the day only down 2 cents.
Traders are watching the potential for more violence that could disrupt oil supplies in Nigeria, the world's eighth-largest exporter and a main supplier of oil to the United States. Nigerians vote Saturday in presidential elections, a week after at least 21 were killed in violence surrounding state elections.
In other Nymex trading, heating oil futures rose marginally to USD 1.8614 a gallon, while natural gas prices slipped 7.7 cents to USD 7.453 per 1,000 cubic feet.
Traders were looking ahead to the midweek US petroleum inventory report, which is likely to show rising crude stocks and falling gasoline and distillate supplies, according to a Dow Jones Newswires survey of analysts.
Light, sweet crude for May delivery was down just 3 cents to USD 63.58 a barrel in Asian electronic trading on the New York Mercantile Exchange. Slow trading is not unusual ahead of a contract's expiration.
The May futures contract expires Friday. The Brent contract for June delivery, on London's ICE Futures exchange, was showing more movement Tuesday, up 32 cents to USD 67.57 a barrel.
Trading was volatile yesterday on news of election-related violence in oil-producing Nigeria, but Nymex oil prices ended the day only down 2 cents.
Traders are watching the potential for more violence that could disrupt oil supplies in Nigeria, the world's eighth-largest exporter and a main supplier of oil to the United States. Nigerians vote Saturday in presidential elections, a week after at least 21 were killed in violence surrounding state elections.
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Forecasts for warmer US weather could also despress prices of oil, natural gas and heating oil. In other Nymex trading, heating oil futures rose marginally to USD 1.8614 a gallon, while natural gas prices slipped 7.7 cents to USD 7.453 per 1,000 cubic feet.
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