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Oil Price Rally Revives Offshore Oil Sector

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Energy Market Snapshot for April 13 2012

Friday the 13th's purported mojo seemed to have a very minor effect on the New York Mercantile Exchange, with miniscule losses across the board and a few gains.

The NYMEX Crude Future felt a minor dip, losing $0.81 or 0.78% to finish at $102.83 per barrel. The Brent price also saw a tiny loss, dropping $0.18 or 0.15% to finish at $121.58 per barrel. The WTI Cushing price mirrored the NYMEX crude future, dipping $0.81 or 0.78% to finish at $102.83 per barrel.

The NYMEX Heating Oil Future saw a marginal gain, raising by 0.83 cents or 0.26% to finish at 317.46 cents per gallon. The NYMEX RBOB Gasoline Future saw a small dip, losing 1.06 cents or 0.26% to finish at 334.61 cents per gallon.

In natural gas, the NYMEX Henry Hub Future saw no change in price, remaining at $1.98 per million British thermal units. In spite of this, the day still counted 0.10% loss towards the future. The Henry Hub spot price saw a very small drop, losing $0.02 or 1.06% to finish at $1.86 per MMBTU. The New York City Gate spot price saw a similar loss, losing $0.03 or 1.46% to finish at $2.03 per MMBTU.

Mid-Columbian electricity rallied after reaching its lowest point in over a year on Thursday, with the on-peak spot price increasing $2.55 or 20.61% to finish at $14.92 per megawatt hour. Palo Verde saw a marginal loss, dropping $0.12 or 0.56% to finish at $21.13 per MW-h. The Houston ERCOT price also saw a small dip, shedding $0.31 or 1.02% to finish at $30.00 per MW-h.

By. Shea Laverty for Oilprice.com

You can find more of Shea's work by clicking here.

All prices listed are in USD unless otherwise noted.
Data from Bloomberg.



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