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Oil up slightly; natural gas jumps on supply drop
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The price of oil posted a slight gain yesterday, while natural gas rose 3 percent as supplies fell more than expected.
Benchmark US crude oil for April delivery rose 11 cents to close at US$101.56 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties of crude, gained 34 cents to US$108.10 a barrel on the ICE Futures exchange in London.
Oil nearly fell below US$100 a barrel for the first time in more than two weeks. It hit a low of US$100.13 before rising in the last 90 minutes of trading. The price had dropped US$3.47 over the previous two sessions as tensions over the situation in Ukraine eased.
Natural gas futures soared after the Energy Department said supplies fell by 152 billion cubic feet last week to 1.2 trillion cubic feet. Analysts surveyed by Platts expected a drop of 135 billion to 139 billion cubic feet. The US supplies of natural gas are 39 percent below year-ago levels.
Natural gas gained 14 cents to US$4.66 per 1,000 cubic feet.
In other energy futures trading on Nymex:
— Wholesale gasoline rose 1 cent to US$2.95 per gallon.
— Heating oil fell 1 cent to US$2.98 per gallon.
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