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Oil tumbles to lowest levels of 2010
Source: Agencies |
January 14, 2010, Thursday
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CRUDE oil futures plunged to their lowest levels of the year yesterday after the U.S. government reported that supplies grew more than expected.
The Energy Information Administration said that the United States' oil stockpiles swelled by 3.7 million barrels last week, well above the average for this time of year. Gasoline supplies grew by 3.8 million barrels.
The U.S. demand for petroleum products also fell by nearly 1 percentage point from last year, showing the country has an even smaller appetite for energy now than when it was in recession.
Benchmark crude for February delivery gave up US$1.14 to settle at US$79.65 a barrel on the New York Mercantile Exchange. Crude fell as low as US$78.37 earlier in the day.
Oil prices had been surging all month, rising to a 15-month high near US$84 a barrel as a bitter chill swept across parts of the U.S., Europe and Asia. China also said last week that it increased oil imports by nearly 14 percent in 2009, fueling expectations that world oil demand will continue to grow.
The rally in crude has tugged retail gas prices higher every day since Christmas. Pump prices increased again overnight by less than a penny to a new U.S. average of US$2.757 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service.
A gallon of regular unleaded is nearly one dollar more expensive than a year ago.
In other Nymex trading in February contracts, heating oil fell 3.72 cents to settle at US$2.0946 a gallon and gasoline dropped 3.76 cents to settle at US$2.0602 a gallon. Natural gas futures added 14.2 cents to settle at US$5.733 per 1,000 cubic feet.
In London, Brent crude for February delivery fell 99 cents to settle at US$78.31 a barrel on the ICE Futures exchange.
The Energy Information Administration said that the United States' oil stockpiles swelled by 3.7 million barrels last week, well above the average for this time of year. Gasoline supplies grew by 3.8 million barrels.
The U.S. demand for petroleum products also fell by nearly 1 percentage point from last year, showing the country has an even smaller appetite for energy now than when it was in recession.
Benchmark crude for February delivery gave up US$1.14 to settle at US$79.65 a barrel on the New York Mercantile Exchange. Crude fell as low as US$78.37 earlier in the day.
Oil prices had been surging all month, rising to a 15-month high near US$84 a barrel as a bitter chill swept across parts of the U.S., Europe and Asia. China also said last week that it increased oil imports by nearly 14 percent in 2009, fueling expectations that world oil demand will continue to grow.
The rally in crude has tugged retail gas prices higher every day since Christmas. Pump prices increased again overnight by less than a penny to a new U.S. average of US$2.757 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service.
A gallon of regular unleaded is nearly one dollar more expensive than a year ago.
In other Nymex trading in February contracts, heating oil fell 3.72 cents to settle at US$2.0946 a gallon and gasoline dropped 3.76 cents to settle at US$2.0602 a gallon. Natural gas futures added 14.2 cents to settle at US$5.733 per 1,000 cubic feet.
In London, Brent crude for February delivery fell 99 cents to settle at US$78.31 a barrel on the ICE Futures exchange.
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