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Crude Oil Futures Rise Amid Concern of Summer Gas Shortages
April 30th, 2004 (Bloomberg) -- Crude oil futures rose in New York after gasoline soared to a record for a fourth day yesterday amid predictions the U.S. will run short of fuel this summer. Demand for the motor fuel last week rose 3.1 percent to 9.3 million barrels daily, which was 11 percent higher than the same week last year, the Energy Department said Wednesday. Consumption is running at a record pace, and the nationâs fuel reserves are below normal with the driving season a month away. ``Gasoline is the leader,ââ said Steve Taylor at New West Petroleum Inc. in Sacramento, California. ``As long as inventories of gasoline remain tight people will bet that demand is going to be strong for crude.ââ Crude oil for June delivery rose as much as 23 cents, or 0.6 percent, to $37.54 a barrel in after-hours trading on the New York Mercantile Exchange. It was at $37.47 at 9:57 a.m. Sydney time. June crude fell 15 cents, or 0.4 percent, to settle at $37.31 a barrel yesterday. It traded as high as $38.18 in floor trading Wednesday after the departmentâs weekly inventory report showed gasoline stockpiles rose less than expected. Posted by: Mark Espinola 2004-04-30 |
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