Energy futures mixed on OPEC, storm news

NEW YORK – Oil and gas futures fell Tuesday as concerns about refineries faded and OPEC suggested that the oil cartel sees no need to boost production.

Natural gas futures rose on jitters about a developing Atlantic storm system and as traders covered positions ahead of the September contract’s expiration on Wednesday.


Gasoline futures have risen in recent days as a number of refinery outages rekindled concerns about fuel supplies.

“The driver here for the past three or four sessions has been gasoline,” said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Ill.

But several of those refinery problems, including a reported outage at Citgo Petroleum Corp.’s refinery in Corpus Christi, Texas, are being quickly resolved. A Citgo spokesman said the company does not comment on operational issues, but Ritterbusch said, “apparently, those units are in restart.”

AP