Price of oil barely stays above US$100; natural gas prices soar on supply report
The price of oil barely budged Thursday as benchmark West Texas Intermediate crude for March delivery slipped two cents to US$100.35 a barrel on the New York Mercantile Exchange.
U.S. economic indicators were mostly downbeat on Thursday, suggesting weak demand, although a report from the International Energy Agency gave oil some support.
The agency raised slightly its 2014 forecast for global demand to 92.6 million barrels a day, 125,000 barrels above its previous expectations from a month ago.
Meanwhile, natural gas futures jumped 40 cents, or eight per cent, to $5.22 per 1,000 cubic feet. The U.S. Energy Department said supplies fell by 237 billion cubic feet last week, more than the decline of 230 billion cubic feet predicted by analysts.
Brent crude, which is used to set prices for international varieties of crude, fell six cents to US$108.73 on the ICE Futures exchange in London.
In other energy futures trading in New York, wholesale gasoline rose one cent to US$2.78 a U.S. gallon (3.79 litres) and heating oil added two cents to US$3.03 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
- Teen's wheel well flightWorld
- OK College better than OKCentral Okanagan
- 4/20ers hit Parliament HillCanada
- Kelowna Mountain opensKelowna
|QHR Technologies Inc||1.29||+0.07|
|Anavex Life Sciences||0.375||0.00|
|Copper Mountain Mining||2.35||-0.07|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.25||+0.02|
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...
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...
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...