Newspaper article THE JOURNAL RECORD

Spot Market Crude Buyers Raise Prices

Newspaper article THE JOURNAL RECORD

Spot Market Crude Buyers Raise Prices

Article excerpt


From Staff, Wire Reports

Prices paid for crude by major buyers in Oklahoma were raised Tuesday.

Most buyers of crude in Oklahoma raised postings by 50 cents a barrel, bringing Oklahoma Sweet and West Texas Intermediate to $18.50 a barrel. Oklahoma Sour was posted at $16.40 a barrel by Koch Oil Co. and Citgo Petroleum Corp., and at $16.90 a barrel by Kerr-McGee Corp.

Kerr-McGee also buys Central Oklahoma Sweet, which it posted at $18.75 a barrel Tuesday. Phillips 66 Co. also raised prices paid for crude oil.

Oil futures prices also rose Tuesday, largely on speculation that the nation's supply of gasoline would keep falling.

Crude oil for May delivery also moved higher, settling at $19.70 per barrel, up 41 cents.

Natural gas for delivery in May settled at $1.420, up 0.5 cents a gallon.

In London, North Sea Brent Blend crude for May delivery settled at $17.99 per barrel, down 18 cents from the previous close.

Unleaded gasoline futures led the rally at the New York Mercantile Exchange, with contracts for delivery in May rising 1.62 cents to settle at 67.72 cents a gallon.

Home heating oil futures tagged along behind the gasoline, rising .74 cent a gallon to settle at 54.23 cents a gallon for May delivery.

Traders were anticipating the American Petroleum Institute's weekly report on petroleum supplies, scheduled to be released after the market closed. The report was expected to show another drawdown in the nation's stockpile of gasoline.

After the trading had stopped, some in the market wondered whether the rally had been overdone. …

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