Futures Markets
West Texas Intermediate crude futures trades over 60 dollars
West Texas Intermediate crude oil on the New York Mercantile Exchange was up by $1.36 in the middle of the trading day, to $59.45 per barrel for August deliveries, while September 2005 to March 2005 contracts were all traded at more than $60 per barrel.
Meanwhile, in London, August delivery Brent crude on the International Petroleum Exchange had risen $1.31 to $57.89 per barrel by late afternoon there. The rise in WTI was caused by a rise in product futures.
Nymex heating oil for July delivery gained 4.54 cents to $1.6680 per gallon and July Nymex gasoline rose 4 cents to $1.6520 per gallon. Heating oil prices were up on demand that is growing even more than demand for gasoline in the US.
Four-week averages for distillate demand is up 6.9 percent over last year, while the four-week average demand for gasoline is only up 2.5 percent from last year.
This continuing higher price for distillates than for gasoline is not usual for this time of the year. Distillate demand is also up in Europe and China.
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West Texas Intermediate crude futures trades over 60 dollars
West Texas Intermediate crude oil on the New York Mercantile Exchange was up by $1.36 in the middle of the trading day, to $59.45 per barrel for August deliveries, while September 2005 to March 2005 contracts were all traded at more than $60 per barrel.
Meanwhile, in London, August delivery Brent crude on the International Petroleum Exchange had risen $1.31 to $57.89 per barrel by late afternoon there. The rise in WTI was caused by a rise in product futures.
Nymex heating oil for July delivery gained 4.54 cents to $1.6680 per gallon and July Nymex gasoline rose 4 cents to $1.6520 per gallon. Heating oil prices were up on demand that is growing even more than demand for gasoline in the US.
Four-week averages for distillate demand is up 6.9 percent over last year, while the four-week average demand for gasoline is only up 2.5 percent from last year.
This continuing higher price for distillates than for gasoline is not usual for this time of the year. Distillate demand is also up in Europe and China.
Add to Bookmarks:
Related news to West Texas Intermediate crude futures trades over 60 dollars
No Comments
No comments yet.
Sorry, the comment form is closed at this time.
Previous: « Oil down $1 barrel on inventory reports
Next: Oil futures hit 60 dollars »
Visited 2756 times, 17 so far today