Newspaper article THE JOURNAL RECORD

Natural Gas Futures Soar on Short Supply Concerns

Newspaper article THE JOURNAL RECORD

Natural Gas Futures Soar on Short Supply Concerns

Article excerpt

Natural gas futures prices soared to all-time highs Thursday on concern pipeline problems could choke off supplies as hot weather drives up demand for electricity to run air conditioners.

Natural gas for August delivery rose 10 cents to $2.78 per 1,000 cubic feet.

July heating oil rose 1.3 cents to 53.64 cents a gallon; July unleaded gasoline gained 1 cent to 59.36 cents a gallon; and August light, sweet crude rose 37 cents to $21.02 a barrel.

On the spot market Thursday, crude oil prices were raised 50 cents a barrel by Phillips 66 Co. and Total Petroleum Inc. and 25 cents a barrel by Koch Oil Co. and NGC Oil Trading & Transportation. With the increases, the companies priced Oklahoma Sweet and West Texas Intermediate to $19.50 a barrel.

Koch and Total priced Oklahoma Sour at $17.65 a barrel. NGC said it would pay $19.75 a barrel for Central Oklahoma Sweet and $18.15 a barrel for Oklahoma Sour.

Word that a leak closed two natural gas platforms off Louisiana sent the New York Mercantile Exchange market to unprecedented levels, said analyst Robert DeMan at Paribas Futures in New York. …

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