Oil falls slightly; natural gas gains on stormy weather, forecast for cold
NEW YORK, N.Y. - The price of oil fell slightly Monday, the first decline in seven trading sessions.
Benchmark U.S. crude for January delivery slipped 31 cents to US$97.34 a barrel on the New York Mercantile Exchange. Oil had gained $5.35 a barrel, or 5.8 per cent, over the previous six trading days.
Meanwhile, natural gas rose above $4.20 for the first time since May 28, on the likelihood that homeowners turned up the heat to try to shake off the effects of two wintry storms that plowed across the country. Forecasts are for colder than normal temperatures in the Midwest this week.
Natural gas futures rose 12 cents, or 2.9 per cent, to $4.23 per $1,000 cubic feet.
U.S. drivers who braved the rough conditions in many areas paid an average of $3.26 a gallon for gasoline. That's down nine cents from this time a year ago.
Brent crude, a benchmark for international oils, dropped $2.22 at $109.39 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
â€” Wholesale gasoline rose lost one cent to $2.67 a gallon.
â€” Heating oil lost four cents to $3.01 a gallon.
(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE)
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