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Oil prices rise on supply constraints in Northeast
Source: Agencies |
November 2, 2012, Friday
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Online Edition
Online Edition
THE price of oil is rising as operations at refineries and supply terminals in the US Northeast remain restricted three days after Superstorm Sandy.
Benchmark oil gained 85 cents yesterday to finish at US$87.09 per barrel in New York.
Power outages are hampering refineries, storage tanks and supply terminals as they work to restore operations, largely in New York and New Jersey. Imports of oil are also limited, adding to supply problems.
Service stations in many cities have closed because of they can't get gasoline delivered or lack the power to pump it out of their tanks. That's left motorists to search for stations that are open and wait in long lines to fill their tanks.
Some positive US economic news is also boosting oil. Reports for October showed manufacturing expanded for the second straight month, private businesses added more jobs and consumer confidence was at the highest level in nearly five years. And the government says crude inventories shrank last week.
The next key report is due Friday when the government releases the October jobs data.
A healthier economy can increase demand for energy products as more consumers commute to work and manufacturing facilities buy more diesel to power operations.
In London, Brent crude, which is used to price international varieties of oil, fell 53 cents to end at US$108.17 per barrel.
In other trading:
- Heating oil fell 3 cents to finish at US$3.03 per gallon.
- Wholesale gasoline was flat at US$2.63 per gallon.
- Natural gas rose less than a penny to end at US$3.70 per 1,000 cubic feet after the Energy Department said inventories rose last week to a level about 7 percent above the five-year average.
Benchmark oil gained 85 cents yesterday to finish at US$87.09 per barrel in New York.
Power outages are hampering refineries, storage tanks and supply terminals as they work to restore operations, largely in New York and New Jersey. Imports of oil are also limited, adding to supply problems.
Service stations in many cities have closed because of they can't get gasoline delivered or lack the power to pump it out of their tanks. That's left motorists to search for stations that are open and wait in long lines to fill their tanks.
Some positive US economic news is also boosting oil. Reports for October showed manufacturing expanded for the second straight month, private businesses added more jobs and consumer confidence was at the highest level in nearly five years. And the government says crude inventories shrank last week.
The next key report is due Friday when the government releases the October jobs data.
A healthier economy can increase demand for energy products as more consumers commute to work and manufacturing facilities buy more diesel to power operations.
In London, Brent crude, which is used to price international varieties of oil, fell 53 cents to end at US$108.17 per barrel.
In other trading:
- Heating oil fell 3 cents to finish at US$3.03 per gallon.
- Wholesale gasoline was flat at US$2.63 per gallon.
- Natural gas rose less than a penny to end at US$3.70 per 1,000 cubic feet after the Energy Department said inventories rose last week to a level about 7 percent above the five-year average.
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