Distillate prices high as product futures push on Nymex
by Brian Turner
Prices for West Texas Intermediate crude oil on the New York Mercantile Exchange had risen $1.36 at mid-day on Thursday to $59.45 per barrel for August deliveries, while September 2005 to March 2005 contracts were all trading at over $60 per barrel.
Meanwhile, in London, Brent crude August contracts on the International Petroleum Exchange had gone up $1.31 to $57.89 per barrel in late afternoon trading. The rise in WTI was triggered by a significant rise in product futures.
Nymex heating oil for July delivery was up 4.54 cents to $1.6680 per gallon while July Nymex gasoline was up 4 cents to $1.6520 per gallon. The continuing higher price for distillates such as heating oil than for gasoline is unusual for this time of the year.
Heating oil prices were up on demand that is growing even more than demand for gasoline in the US. Four-week averages for distillate demand is up 6.9 percent over last year, while the four-week average demand for gasoline is only up 2.5 percent from last year. Distillate demand is also up in Europe and China.
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