Related News
Smiles fade at the pump: Gas prices going back up
Source: Agencies |
June 22, 2010, Tuesday
|
Online Edition
Online Edition
CHINA'S move to end its currency's peg to the dollar initially fanned enthusiasm for crude, since a stronger yuan will make dollar-based commodities like oil cheaper in China and bolster demand, but oil prices gave up earlier gains yesterday afternoon as uncertainty set in about how quickly China may implement currency changes trimmed oil prices.
Crude gained 64 cents to settle at US$77.82 a barrel on the New York Mercantile Exchange after rising as high as US$78.92.
Retail prices for gasoline in the United States have climbed over the past week and are headed back toward a national average of US$2.80 to US$2.90 per gallon with higher prices on the West Coast, said Tom Kloza of the Oil Price Information Service.
Prices dropped for about six weeks as oil prices fell over worries that the European debt crisis could spread and crush the global economic recovery and demand for crude.
Those worries have since ebbed, oil is rising again and the stock market has started to recover some of its recent losses.
Kloza said he expects the price increases to be modest.
"Much higher prices would roil the economic picture, and the oil price rally has been largely on the coattails of the stock market recovery," he said.
Prices rose 0.3 cent to a national average of US$2.737 per gallon on yesterday, according to AAA, Wright Express and Oil Price Information Service. Prices have risen 3.9 cents in the past week and are 7.5 cents below levels of a month ago. Pump prices are 4.4 cents higher than a year ago.
The government's Energy Information Administration said the national average price for a gallon of unleaded regular rose 4.2 cents last week, to US$2.74 a gallon. California drivers paid the most, with pump prices averaging US$3.10 a gallon. Prices were lowest in Virginia, the Carolinas, Georgia and Florida, where the average was US$2.63 a gallon.
The stock market also pulled back after jumping more than 100 points yesterday morning on the China news. In recent weeks oil prices have followed signals from stocks about the direction of the economy.
"I think what happened is the market was looking really strong early on," said Rich Ilczyszyn, senior market strategist for the Lind-Waldock brokerage. "It didn't have enough power to continue that rally. The longer we sit up there, the more attractive it looks to sell."
In other Nymex trading, heating oil rose 1.70 cents to settle at US$2.1459 a gallon, gasoline dropped 0.48 cent to settle at US$2.1428 a gallon and natural gas fell 12.4 cents to settle at US$4.873 per 1,000 cubic feet.
Brent crude rose 60 cents to settle at US$78.82 on the ICE futures exchange.
Crude gained 64 cents to settle at US$77.82 a barrel on the New York Mercantile Exchange after rising as high as US$78.92.
Retail prices for gasoline in the United States have climbed over the past week and are headed back toward a national average of US$2.80 to US$2.90 per gallon with higher prices on the West Coast, said Tom Kloza of the Oil Price Information Service.
Prices dropped for about six weeks as oil prices fell over worries that the European debt crisis could spread and crush the global economic recovery and demand for crude.
Those worries have since ebbed, oil is rising again and the stock market has started to recover some of its recent losses.
Kloza said he expects the price increases to be modest.
"Much higher prices would roil the economic picture, and the oil price rally has been largely on the coattails of the stock market recovery," he said.
Prices rose 0.3 cent to a national average of US$2.737 per gallon on yesterday, according to AAA, Wright Express and Oil Price Information Service. Prices have risen 3.9 cents in the past week and are 7.5 cents below levels of a month ago. Pump prices are 4.4 cents higher than a year ago.
The government's Energy Information Administration said the national average price for a gallon of unleaded regular rose 4.2 cents last week, to US$2.74 a gallon. California drivers paid the most, with pump prices averaging US$3.10 a gallon. Prices were lowest in Virginia, the Carolinas, Georgia and Florida, where the average was US$2.63 a gallon.
The stock market also pulled back after jumping more than 100 points yesterday morning on the China news. In recent weeks oil prices have followed signals from stocks about the direction of the economy.
"I think what happened is the market was looking really strong early on," said Rich Ilczyszyn, senior market strategist for the Lind-Waldock brokerage. "It didn't have enough power to continue that rally. The longer we sit up there, the more attractive it looks to sell."
In other Nymex trading, heating oil rose 1.70 cents to settle at US$2.1459 a gallon, gasoline dropped 0.48 cent to settle at US$2.1428 a gallon and natural gas fell 12.4 cents to settle at US$4.873 per 1,000 cubic feet.
Brent crude rose 60 cents to settle at US$78.82 on the ICE futures exchange.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
