Tuesday, September 30th11.5°C
23366
22934

Oil gains slightly on supply report; natural gas soars, then plunges to loss

NEW YORK, N.Y. - The price of oil advanced slightly Wednesday as a report showed U.S. supplies rose less than expected last week.

Natural gas rocketed to a new four-year high before plunging back near US$5 per 1,000 cubic feet on a continuation of recent volatility in that market.

Benchmark West Texas Intermediate crude oil for March delivery rose 19 cents to US$97.38 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oil used by many U.S. refineries, gained 47 cents to US$106.25 on the ICE exchange in London.

The U.S. Energy Department said supplies of crude oil rose 400,000 barrels last week, less than the 1.5 million barrel increase expected by analysts surveyed by Platts. But analysts cautioned that bad weather sharply curtailed imports, which will likely rebound once shipping conditions improve.

The northeastern U.S. endured a second storm for the week, with a mix of snow and freezing rain snarling daily commutes Wednesday. Colder temperatures are expected to follow, increasing demand for heating fuels such as natural gas.

Natural gas rose seven per cent to US$5.74 per 1,000 cubic feet in morning trading. That appeared to set off some profit-taking, and the price dropped to $4.99 before closing at US$5.03, down 34.5 cents for the day.

In other energy futures trading on Nymex: wholesale gasoline gained four cents to US$2.64 a U.S. gallon (3.79 litres) and heating oil added one cent to US$2.97 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)

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14917.44-59.479
S&P CDNX912.35-0.41
DJIA17037.23-33.99
Nasdaq4487.799-18.054
S&P 5001972.14-5.66
CDN Dollar0.8946-0.0012
Gold1214.70-4.1001
Oil92.95+0.17
Lumber334.30+5.40
Natural Gas4.166+0.012

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.23+0.01
Cantex0.07-0.02
Anavex Life Sciences0.1850.00
Metalex Ventures0.0550.00
Russel Metals34.57+0.08
Copper Mountain Mining2.48-0.04
Colorado Resources0.150.00
ReliaBrand Inc0.020.00
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.34-0.02

 



23392

FEATURED Property
20883526205 Bonnie Lane
5 bedrooms 4 baths
$679,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_








Member of BC Press Council


22632