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Gas prices rise with summer season in full swing
Source: Agencies |
June 29, 2010, Tuesday
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OIL prices dipped slightly yesterday after it appeared Tropical Storm Alex would strengthen but remain out of the Gulf region where most oil rigs and refineries are located.
"The crude market is not particularly tight right now so weather-related production outages will not have the same effect as in years past unless they reach 'Katrina' levels," MF Global analyst Mike Fitzpatrick said in a research note.
"Prices, will however, be sensitive to economic data flow, particularly with respect to the economy," he wrote.
Benchmark crude for July delivery fell 88 cents to US$77.98 a barrel in midday trading on the New York Mercantile Exchange.
Oil analyst and trader Stephen Schork predicted oil prices would trade in a narrow range this week ahead of the Fourth of July holiday.
The dollar also grew stronger against other global currencies, which can hurt commodities trading. Most commodities are priced in dollars so a stronger dollar makes them less appealing to foreign investors.
In other Nymex trading in July contracts, heating oil fell 2.24 cents to US$2.0911 a gallon, gasoline dropped 2.45 cents to US$2.1433 a gallon and natural gas was down 10.6 cents at US$4.755 per 1,000 cubic feet.
In London, Brent crude fell 60 cents to US$77.52 a barrel on the ICE futures exchange.
In the United States, gasoline prices continued to rise as vacationers in recreational vehicles joined commuters on the roads during the peak summer driving season.
Pump prices likely will continue to increase over the next couple of weeks but fall short of US$3 a gallon in most states. Analysts note that demand remains lackluster while supplies are ample. And consumers worried about the economy may keep traveling to a minimum.
The national average for retail gasoline prices rose 0.1 cent to US$2.756 a gallon yesterday, according to Wright Express and Oil Price Information Service. That's an increase of 1.9 cents from a week ago and 11.3 cents from a year ago.
"The crude market is not particularly tight right now so weather-related production outages will not have the same effect as in years past unless they reach 'Katrina' levels," MF Global analyst Mike Fitzpatrick said in a research note.
"Prices, will however, be sensitive to economic data flow, particularly with respect to the economy," he wrote.
Benchmark crude for July delivery fell 88 cents to US$77.98 a barrel in midday trading on the New York Mercantile Exchange.
Oil analyst and trader Stephen Schork predicted oil prices would trade in a narrow range this week ahead of the Fourth of July holiday.
The dollar also grew stronger against other global currencies, which can hurt commodities trading. Most commodities are priced in dollars so a stronger dollar makes them less appealing to foreign investors.
In other Nymex trading in July contracts, heating oil fell 2.24 cents to US$2.0911 a gallon, gasoline dropped 2.45 cents to US$2.1433 a gallon and natural gas was down 10.6 cents at US$4.755 per 1,000 cubic feet.
In London, Brent crude fell 60 cents to US$77.52 a barrel on the ICE futures exchange.
In the United States, gasoline prices continued to rise as vacationers in recreational vehicles joined commuters on the roads during the peak summer driving season.
Pump prices likely will continue to increase over the next couple of weeks but fall short of US$3 a gallon in most states. Analysts note that demand remains lackluster while supplies are ample. And consumers worried about the economy may keep traveling to a minimum.
The national average for retail gasoline prices rose 0.1 cent to US$2.756 a gallon yesterday, according to Wright Express and Oil Price Information Service. That's an increase of 1.9 cents from a week ago and 11.3 cents from a year ago.
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