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Oil falls slightly; natural gas soars on weather
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The price of oil fell slightly yesterday, the first decline in seven trading sessions.
Benchmark US crude for January delivery slipped 31 cents to US$97.34 a barrel on the New York Mercantile Exchange. Oil had gained US$5.35 a barrel, or 5.8 percent, over the previous six trading days.
Meanwhile, natural gas rose above US$4.20 for the first time since May 28, on the likelihood that homeowners turned up the heat to try to shake off the effects of two wintry storms that plowed across the country. Forecasts are for colder than normal temperatures in the Midwest this week.
Natural gas futures rose 12 cents, or 2.9 percent, to US$4.23 per US$1,000 cubic feet.
US drivers who braved the rough conditions in many areas paid an average of US$3.26 a gallon for gasoline. That's down 9 cents from this time a year ago.
Brent crude, a benchmark for international oils, dropped US$2.22 at US$109.39 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline lost 5 cents to US$2.67 a gallon.
— Heating oil lost 4 cents to US$3.01 a gallon.
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