U.S. ENERGY FUTURES STEADY BUT QUIET
U.S. energy futures traded consistently
above yesterday's closing prices in thin activity this morning
with underlying support from April 15-day forward North Sea
Brent crude, traders said.
    April Brent traded as high as 19.40 dlrs a barrel today, or
more than 1.00 dlr above May Brent prices, because of a supply
squeeze, according to traders.
    "U.S. energy futures are probably influenced by April Brent
more than anything else today," said John O'Connell, assistant
vice president at Refco, Inc.
    May crude was up 18 cts to 18.85 dlrs a barrel.
     "There is no reason to sell energy futures at these prices
because the fundamentals have not changed," said O'Connell,
adding that the OPEC pricing/production accord continues to
hold.
    Mixed trade participants dominated crude futures while
local traders were featured in products, traders said. They
said U.S. energy futures ran into resistance at today's highs.
    May heating oil was up 0.46 cent at 49.25 cts a gallon
after trading within a narrow 0.30-cent range. May unleaded
gasoline was up 0.61 cent to 53.55 cts a gallon, at the high
end of a 0.35-cent range.
 Reuter
