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Benchmark crude loses 7 cents in NY trading
Source: Agencies |
April 27, 2011, Wednesday
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BENCHMARK crude for June delivery was little changed yesterday, losing 7 cents to settle at US$112.21 per barrel on the New York Mercantile Exchange.
Investors appeared to be waiting to hear what the Federal Reserve has to say about the US economy and interest rates at the conclusion of its two-day meeting today. The expectation is that the central bank will keep interest rates where they are now, near zero.
In other Nymex trading for May contracts, heating oil gained 2.84 cents to settle at US$3.2273 per gallon and natural gas was nearly unchanged, settling at US$4.387 per 1,000 cubic feet.
In London, Brent crude rose 48 cents to settle at US$124.14 per barrel on the ICE Futures exchange.
In the US, gas pump prices have followed oil higher this year and have climbed for 35 straight days even though industry surveys show Americans have started to drive less.
The national average hit US$3.87 per gallon yesterday, more than a dollar higher than it was last year.
Gasoline futures got another boost yesterday after three Texas refineries lost power. Authorities are still looking for the cause of the outage at the Valero, BP and Marathon Oil refineries in Texas City. A Dow Chemical plant also lost power.
Oil analyst Tom Kloza said the refinery shutdowns may have halted 300,000 barrels of daily gasoline production. It'll take time to get those refineries back online Kloza said. "Refineries are finicky. It's not like turning the lights back on."
Gasoline futures rose 2.87 cents to settle at US$3.3072 per gallon on Nymex. Earlier in the day, the contract hit US$3.3226 per gallon, the highest price since July 2008.
Investors appeared to be waiting to hear what the Federal Reserve has to say about the US economy and interest rates at the conclusion of its two-day meeting today. The expectation is that the central bank will keep interest rates where they are now, near zero.
In other Nymex trading for May contracts, heating oil gained 2.84 cents to settle at US$3.2273 per gallon and natural gas was nearly unchanged, settling at US$4.387 per 1,000 cubic feet.
In London, Brent crude rose 48 cents to settle at US$124.14 per barrel on the ICE Futures exchange.
In the US, gas pump prices have followed oil higher this year and have climbed for 35 straight days even though industry surveys show Americans have started to drive less.
The national average hit US$3.87 per gallon yesterday, more than a dollar higher than it was last year.
Gasoline futures got another boost yesterday after three Texas refineries lost power. Authorities are still looking for the cause of the outage at the Valero, BP and Marathon Oil refineries in Texas City. A Dow Chemical plant also lost power.
Oil analyst Tom Kloza said the refinery shutdowns may have halted 300,000 barrels of daily gasoline production. It'll take time to get those refineries back online Kloza said. "Refineries are finicky. It's not like turning the lights back on."
Gasoline futures rose 2.87 cents to settle at US$3.3072 per gallon on Nymex. Earlier in the day, the contract hit US$3.3226 per gallon, the highest price since July 2008.
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