Newspaper article THE JOURNAL RECORD

Profit-Taking Wipes out Early Energy Futures Prices Gains / State Rig Count Down, U.S. Up

Newspaper article THE JOURNAL RECORD

Profit-Taking Wipes out Early Energy Futures Prices Gains / State Rig Count Down, U.S. Up

Article excerpt

Energy futures put on a weak performance in slow trading on the New York Mercantile Exchange Monday, with profit taking wiping out early gains, said Richard Gibbs, first vice president of E.F. Hutton & Co.

In addition, the Oklahoma active drilling rig count was down for the week while the U.S. rig count was up for the third consecutive week.

Crude oil settled 1 cent lower to 7 cents higher with the August contract at $21.40, up from $21.33 Friday.

Heating oil was .03 cent to .30 cent lower with August at 55.02 cents a gallon. Unleaded gasoline was .03 cent to .70 cent lower with August at 54.97 cents a gallon.

A report of an Iranian attack on a French container ship in the Persian Gulf gave prices a little boost on the opening, Gibbs said, the the market was unable to hold the gains.

The August delivery of West Texas Intermediate crude oil weakened when it got around $21.50 a barrel, he said.

In the Persian Gulf incident, two Iranian gunboats pounded the French freighter with rocket and machine-gun fire for 20 minutes in waters off Saudi Arabia. No casualties were reported.

The Oklahoma active drilling rig count fell 2.4 percent to 123 for the week ended July 10 from 126 the previous week, according to the Houston-based International Association of Drilling Contractors.

The active rig count for the state has been down two of the last three weeks.

There were 24.2 percent more rigs operating in Oklahoma during the current week than for the comparable week in 1986, when 99 rigs were operating. There 242 rigs operating in Oklahoma during the comparable week in 1985, down 49.2 percent from the past week.

The U.S. active rig count rose 2.2 percent to 891 rigs during the week ended July 10, its highest level since Jan. 9 when 916 rigs were operating, according to the association.

In less than four weeks, the national active rig count has climbed almost 100 rigs, from 800 rigs operating during the week end June 19. …

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