Newspaper article THE JOURNAL RECORD

Crude, Natural Gas Futures Prices Up

Newspaper article THE JOURNAL RECORD

Crude, Natural Gas Futures Prices Up

Article excerpt

NEW YORK (AP) _ Oil futures prices rose Wednesday as traders reacted to news of lower home heating oil supplies and indications that production of the fuel is declining.

The American Petroleum Institute reported after the market closed Tuesday that U.S. stockpiles of distillates, which include heating oil, fell sharply in the week ended Friday.

There were also indications that refiners are beginning to convert their facilities to produce less heating oil and more gasoline for the summer driving season, said Peter Beutel, energy specialist at Brody, White and Co. Inc., a commodity brokerage.

Even with the start of the seasonal switch to gasoline, supplies of the motor fuel did not increase as much as expected, Beutel said.

Home heating oil for delivery next month settled at 56.63 cents a gallon, up 0.29 cents at the New York Mercantile Exchange. Heating oil reached a high of 57.55 cents during the day.

The interest in heating oil helped lift the price of other energy futures. …

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