Newspaper article THE JOURNAL RECORD

Heating Oil Futures Climb amid Supply Worries

Newspaper article THE JOURNAL RECORD

Heating Oil Futures Climb amid Supply Worries

Article excerpt

NEW YORK (JR) -- Supply concerns pushed heating oil futures up 3.5 percent in trading Thursday on the New York Mercantile Exchange, leading crude and other energy futures higher.

July heating oil was 2.88 cents higher at 84.47 cents a gallon; light sweet crude for August delivery was 82 cents higher at $32.72 a barrel; July unleaded gasoline rose 1.61 cents to $1.0505 a gallon; August natural gas was 2.6 cents highers at $4.423 per 1,000 cubic feet. In trading on London's International Petroleum Exchange, Brent crude from the North Sea rose 69 cents to $30.80 a barrel.

The energy market is beginning to pick up on the fact that heating oil inventories are getting fairly tight as refiners concentrate on gasoline production, said analyst Bill O'Grady of A.G. Edwards & Sons. While there is generally little demand for heating oil during the summer months, customers are buying in anticipation of the upcoming winter.

Currently heating oil stocks total about 15 million barrels, about half of normal at this time of year, O'Grady said. …

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