Newspaper article THE JOURNAL RECORD

Posted Prices for Crude Oil Rise 50 Cents

Newspaper article THE JOURNAL RECORD

Posted Prices for Crude Oil Rise 50 Cents

Article excerpt


From Staff, Wire Reports

Posted prices by major buyers of Oklahoma crude oil rose by 50 cents per barrel Tuesday as oil futures prices meandered in slow trading Tuesday and finished mixed.

The oil futures were depressed on the one hand by evidence of ample supply and declining demand, boosted on the other hand by speculation about Persian Gulf war.

"The market is divided equally between fundamentals and Middle East concern," said Bob Baker, a trading strategist at Prudential-Bache Securities Inc.

On the New York Mercantile Exchange, the key market for petroleum futures contracts, the December delivery price of benchmark light sweet crude rose 67 cents a barrel to $32.63. But the price for oil to be delivered through later winter months closed lower.

On the spot market, buyers upped posted prices by 50 cents, bringing Oklahoma Sweet and West Texas Intermediate to $31.50. Kerr-McGee Corp. was also paying $31.75 for Central Oklahoma Sweet and $31 for Oklahoma Sour. Citgo Petroleum Corp. and Koch Industries Inc. are paying $29.90 for Oklahoma Sour. Phillips 66 Co. also announced a price change.

Among refined products traded on the exchange, wholesale home heating oil for December delivery rose 1.92 cents a gallon to 86.38 cents. Later-delivery month contracts also rose.

Wholesale unleaded gasoline for December delivery rose .21 cent a gallon to 87.75 cents, while later-delivery months were .99 cent higher to .50 cent lower. Natural gas for December delivery fell .02 cent per 1,000 cubic feet to $2.383, while later-delivery months all rose slightly.

The oil market has been transfixed on developments in the Persian Gulf since Iraqi leader Saddam Hussein's forces seized Kuwait three months ago, inciting world condemnation, a trade embargo and a U.S.-led military expedition into neighboring Saudi Arabia.

Crude prices went from about $20 a barrel to more than $40 but have since retreated into the $30 range, largely because no shots have been fired and other oil producers have filled the vacuum caused by the absence of Kuwaiti and Iraqi crude. …

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