Friday, July 25th24.3°C
22716
21953

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

22315


Recent Trending




Today's Market
S&P TSX15455.04+60.59
S&P CDNX1017.445.79
DJIA16960.57-123.23
Nasdaq4449.564-22.543
S&P 5001978.34-9.64
CDN Dollar0.9247+0.0002
Gold1294.80+4.2001
Oil104.30-0.29
Lumber326.00+0.20
Natural Gas3.783-0.064

 
Okanagan Companies
Pacific Safety0.185-0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07-0.01
Anavex Life Sciences0.275-0.005
Metalex Ventures0.08+0.01
Russel Metals35.36-0.21
Copper Mountain Mining2.820.00
Colorado Resources0.21+0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.19+0.01

 



22704

FEATURED Property
1974266938 Stikine Court
3 bedrooms 3 baths
$533,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22685