Saturday, April 19th10.1°C
21417
20358

Oil briefly rises above $100 as demand for fuel rises, US job sentiment improves

NEW YORK, N.Y. - The price of oil briefly rose above US$100 a barrel for the first time this year on Friday on rising demand for fuel and some positive sentiment about the U.S. job market.

Benchmark West Texas Intermediate crude for March delivery gained $2.04, or 2.1 per cent, to close at $99.88 a barrel the New York Mercantile Exchange. Oil climbed above $100 in the afternoon before dropping back. It last topped $100 on Dec. 30.

Energy analyst Stephen Schork said oil's rise was brought about by rising prices for wholesale gasoline and low supplies of diesel and heating oil. That combination will encourage refiners to buy and process more crude oil.

"It's a function of a products pulling crude," he said. "The market needs product."

Heating oil supplies have declined as a cold and snowy winter has homeowners constantly cranking up the thermostat. The Energy Department said Wednesday that supplies of distillates, which include heating oil and diesel, fell by 2.4 million barrels last week and are now 12 per cent below year-ago levels. Heating oil futures gained six cents to US$3.05 a U.S. gallon (3.79 litres).

While some drivers have stayed indoors this winter, gasoline demand is turning out to be stronger than expected, Schork said.

Wholesale gasoline futures increased seven cents to US$2.75 and were up 15 cents, or six per cent, over the last three days.

Oil was also pulled higher by a sharp rise in the U.S. stock market. While the U.S. Labor Department's jobs report showed a relatively weak number of new jobs, the number of people in the job market rose, suggesting that people are feeling better about their prospects and that hiring was depressed by the bad weather.

Natural gas again fell sharply amid predictions of milder weather for the U.S. Midwest and Northeast. The price fell 15 cents, or three per cent, to US$4.78 per 1,000 cubic feet, bringing the two-day decline to 25 cents, or five per cent.

Brent crude, used to set prices for international varieties of crude, rose $2.38, or 2.2 per cent, to US$109.57 a barrel, the highest close since Dec. 31.

(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

21100


Recent Trending




Today's Market
S&P TSX14500.39+53.87
S&P CDNX998.770.80
DJIA16408.54-16.31
Nasdaq4095.516+9.291
S&P 5001864.85+2.54
CDN Dollar0.90720.00
Gold1293.80-9.2999
Oil104.59+0.83
Lumber326.10-2.70
Natural Gas4.735+0.205

 
Okanagan Companies
Pacific Safety0.115+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.29+0.07
Cantex0.055+0.01
Anavex Life Sciences0.3750.00
Metalex Ventures0.08+0.005
Russel Metals30.66+0.11
Copper Mountain Mining2.35-0.07
Colorado Resources0.255-0.01
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.25+0.02

 



21097

FEATURED Property
1480662203-1965 Durnin Rd
1 bedrooms 1 baths
$193,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...

_



21641

21641


Member of BC Press Council


21188