Wednesday, June 27, 2007

Energy Prices On The Rise, Wednesday, June 27, 2007 2:32:44 PM

Energy prices climbed on Wednesday following the Department of Energy`s Energy Information Administration`s weekly inventory report. Crude oil soared past $69 again after slipping towards $67 in early trading. Natural gas, heating oil and gasoline also climbed.

The report said that crude oil inventories rose by 1.6 million barrels in the week ended June 22. Meanwhile, gasoline inventories slipped 700,000 barrels. This followed an increase of 1.8 million barrels in the previous period. The level of gasoline inventories was 5.5% below last year.

Crude oil soared on Wednesday in the U.S. following the release of the weekly inventory report. Light sweet crude for August was up $1.53 to $69.30. Before the report, oil fell as low as $67.07 earlier in the morning.

Natural gas soared in the early afternoon in U.S. trading on Wednesday. July-dated natural gas was up 8.3 cents to $6.96. Before the rise, it had been trending down sharply and had reached a multi-month low.

Heating oil for July advanced on Wednesday in U.S. trading, adding 3.5 cents to reach $2.0283. Prices advanced sharply shortly after the release of the inventory report and edged higher throughout the next hour. In general, heating oil has been range-bound for two weeks.

Gasoline prices for July delivery were up slightly on Wednesday in U.S. trading. RBOB gasoline was at $2.2534, up 0.75 cents. It started the session down, but gained sharply with the inventory report. Trading was choppy in the mid-day and afternoon.
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