Newspaper article THE JOURNAL RECORD

Crude Oil Reverses Course; Spot, Futures Prices Decline

Newspaper article THE JOURNAL RECORD

Crude Oil Reverses Course; Spot, Futures Prices Decline

Article excerpt


From Staff, Wire Reports

After increasing posted prices by 50 cents per barrel Wednesday, most major buyers of Oklahoma crude oil lowered prices by the same level Thursday.

The price being paid for Oklahoma sweet crude oil and West Texas Intermediate crude was posted at $31.75 by Phillips 66 Co., Kerr-McGee Refining Corp., Citgo Petroleum Corp. and Koch Oil Co.

Kerr-McGee was paying $32 for Central Oklahoma sweet and Koch, Kerr-McGee and Citgo said they were paying $31.25 for Oklahoma sour.

Oil futures prices slipped in volatile trading on Thursday as traders staged a sell-off hours before the U.N. Security Council voted to permit a military strike to drive Iraq out of Kuwait.

Light sweet crude for January delivery eased 37 cents a barrel, settling at $32.91 on the New York Mercantile Exchange.

Crude oil contracts for delivery in later months also settled lower.

Natural gas for January dropped 1.5 cents per 1,000 cubic feet, to $2.49.

Home heating oil for December showed the most strength among energy futures, settling up .81 cent to 93.80 cents a gallon - largely on what analysts said was an anticipation of colder weather this coming winter. Most other future contracts were down.

Unleaded gasoline for December eased .38 cent a gallon to 83.37 cents, with other delivery months mixed.

The sell-off came in the session's last 10 minutes as traders sold oil to avoid the risk they could lose money if the U.N. resolution was rejected and prices dropped in response.

``People held on as long as they could to see what would happen. But instead of going home with positions they just decided to get out,'' said James Steel, an analyst at Refco Inc. …

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