Oil slips below US$97 a barrel; natural gas rockets soars 10 per cent
NEW YORK, N.Y. - The price of oil slipped a bit Friday, but still finished the week with a gain of more than two per cent. A sell-off in global equity markets may have weighed on oil traders' sentiments, producing the first losing day of the week.
Benchmark West Texas Intermediate crude for March delivery fell 68 cents to close at US$96.64 a barrel on the New York Mercantile Exchange. For the week, oil was up $2.27 a barrel, or 2.4 per cent.
Meanwhile, the price of natural gas soared nearly 10 per cent. The frigid temperatures across much of the US Midwest and Northeast have homeowners and businesses cranking up the heat. At the same time, the recent combination of snow, ice and cold temperatures has impeded some natural gas production.
Natural gas jumped 45 cents to reach US$5.18 per 1,000 cubic feet, the highest close since June 2010.
Brent crude, a benchmark for international oil, rose 30 cents to US$107.88 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex, wholesale gasoline was flat at US$2.66 a U.S. gallon (3.79 litres) and heating oil rose six cents to US$3.14 a gallon.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)
Read more Business News
- Judge: Banishment OKKamloops
- Weed oil fire burns twoKelowna
- Dinner raises more than $15kKelowna
- Rose vows to end wasteMunicipal Elections 2014
|QHR Technologies Inc||1.11||+0.06|
|Anavex Life Sciences||0.19||-0.0015|
|Copper Mountain Mining||1.94||+0.09|
|Sunrise Resources Ltd||0.06||0.00|
|Mission Ready Services||0.45||+0.06|
This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...
Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...
The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...