Newspaper article THE JOURNAL RECORD

Crude, Heating Oil Futures Rise; Gasoline Slips

Newspaper article THE JOURNAL RECORD

Crude, Heating Oil Futures Rise; Gasoline Slips

Article excerpt

From Staff, Wire Reports Crude oil and heating fuel prices rose Wednesday, but gasoline weakened in a market swayed by new supply statistics and rumors of increased Iran-Iraq border tension. On the New York Mercantile& Exchange, the price for July delivery of light sweet crude oil ended 9 cents higher at $19.96 a barrel. Later-delivery months also advanced. There were no changes reported on the local spot market. Traders said the main force in the market was a report released late Tuesday by the American Petroleum Institute, a Washington trade group, showing increased stockpiles of crude oil and refined fuels. The report initially pushed crude prices down, but prices reached levels that were considered bargains and a round of buying was incited. As prices continued to rise, traders who wrongly assumed crude would weaken joined in the buying, raising the price even more in what is known in trading vocabulary as a short-covering rally. The rally in crude spilled into the market for wholesale heating oil. July delivery contracts rose 0.91 cents to 54.10 cents a gallon. Later-delivery months also advanced. The price for July delivery of whole- sale unleaded gasoline fell 0.71 cents a gallon to 63.32 cents. Later-delivery months were mixed. …
Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.