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Oil rises as massive storm aims for East Coast
Source: Agencies |
October 27, 2012, Saturday
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The price of oil rose slightly yesterday as data showed the US economy is muddling along and the East Coast prepares for a potentially damaging storm.
Benchmark oil rose 23 cents to end at US$86.28 per barrel in New York.
Forecasters expect a major storm to hit the East Coast beginning early Sunday with heavy rain, winds and perhaps snow lingering into Halloween. It has the potential to force refinery closures and delay delivery of imports.
More than half a dozen refineries could be in the path of the storm. Closures would cut into supplies of energy products such as gasoline and heating oil, which primarily is used in the Northeast to keep businesses and homes warm.
Meanwhile, the government said the US economy grew at an annual rate of 2 percent in the third quarter. That's better than the 1.3 percent growth in the second quarter, but still too weak to significantly boost job creation - or energy demand.
Although oil rose slightly on Thursday and Friday, it fell 4.2 percent for the week. The US remains well-supplied with oil while demand for gasoline is down as large numbers of Americans remain unemployment and so don't drive to work. Oil is down 13 percent since hitting US$99 in mid-September.
That's led to lower pump prices. The US average price for gasoline fell 2.4 cents overnight to US$3.575 per gallon (94 cents a liter), according to AAA, Wright Express and the Oil Price Information Service. That's 23 cents a gallon less than it was a month ago, although still 13 cents more than this time last year.
In London, Brent crude, which is used to price international varieties of oil, rose US$1.06 to finish the day at US$109.55 per barrel.
In other energy futures trading in New York:
- Heating oil rose 3.57 cents to end at US$3.0978 per gallon.
- Wholesale gasoline rose 2.27 cents to end at US$2.6991 per gallon.
- Natural gas fell 3.4 cents to end at US$3.40 per 1,000 cubic feet.
Benchmark oil rose 23 cents to end at US$86.28 per barrel in New York.
Forecasters expect a major storm to hit the East Coast beginning early Sunday with heavy rain, winds and perhaps snow lingering into Halloween. It has the potential to force refinery closures and delay delivery of imports.
More than half a dozen refineries could be in the path of the storm. Closures would cut into supplies of energy products such as gasoline and heating oil, which primarily is used in the Northeast to keep businesses and homes warm.
Meanwhile, the government said the US economy grew at an annual rate of 2 percent in the third quarter. That's better than the 1.3 percent growth in the second quarter, but still too weak to significantly boost job creation - or energy demand.
Although oil rose slightly on Thursday and Friday, it fell 4.2 percent for the week. The US remains well-supplied with oil while demand for gasoline is down as large numbers of Americans remain unemployment and so don't drive to work. Oil is down 13 percent since hitting US$99 in mid-September.
That's led to lower pump prices. The US average price for gasoline fell 2.4 cents overnight to US$3.575 per gallon (94 cents a liter), according to AAA, Wright Express and the Oil Price Information Service. That's 23 cents a gallon less than it was a month ago, although still 13 cents more than this time last year.
In London, Brent crude, which is used to price international varieties of oil, rose US$1.06 to finish the day at US$109.55 per barrel.
In other energy futures trading in New York:
- Heating oil rose 3.57 cents to end at US$3.0978 per gallon.
- Wholesale gasoline rose 2.27 cents to end at US$2.6991 per gallon.
- Natural gas fell 3.4 cents to end at US$3.40 per 1,000 cubic feet.
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