Newspaper article THE JOURNAL RECORD

Oil, Natural Gas Prices Increase

Newspaper article THE JOURNAL RECORD

Oil, Natural Gas Prices Increase

Article excerpt

Crude oil prices rose sharply Wednesday after getting a boost from tighter U.S. supplies and news that Persian Gulf countries are willing to cut production if others do.

On the spot market, Kerr-McGee Refining Corp., Koch Oil Co., Total Petroleum Inc., Sun Co. and Phillips 66 Co. raised posted prices bringing Oklahoma Sweet and West Texas Intermediate to $13 per barrel. Kerr-McGee said it would pay $13.25 for Central Oklahoma Sweet and $11.40 for Oklahoma Sour. Koch, Total and Sun priced Oklahoma Sour at $11.15.

Light sweet crude oil for delivery in February settled at $14.77 a barrel, up 41 cents, on the New York Mercantile Exchange. It was the highest close for crude since Dec. 10 when oil finished at $15.07.

In London, North Sea Brent Blend crude oil for delivery in February settled at $13.74 per barrel, up 27 cents, at the International Petroleum Exchange.

Natural gas prices were higher on the New York Mercantile Exchange, with contracts for delivery in January settling at $2.022 per 1,000 cubic feet, up 2.0 cents.

Unleaded gasoline for delivery in January settled at 39.41 cents a gallon, up 0.03 cents. Home heating oil for delivery next month settled at 44.02 cents a gallon, up 0.66 cents.

The weekly report from the American Petroleum Institute and a statement from the Gulf Cooperation Council combined to give crude one of its strongest one-day increases since late November when prices started sliding to five-year lows. …

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.