Energy Sector Roundup: Crude Ends Near $141
Tuesday July 1, 3:59 pm ET
Oil higher on Mideast tension, gasoline pump demand still lower, IEA sees strong oil demand
NEW YORK (AP) -- Following is a summary of top stories in the energy sector Tuesday afternoon.
Crude on the Rise Again
Oil prices pushed higher again on worries about tight supplies and mounting tension in the Middle East.
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Light, sweet crude for August delivery rose 97 cents to settle at $140.97 a barrel on the New York Mercantile Exchange, after spending much of the session above $142 a barrel.
In other Nymex trading, heating oil futures added 3.35 cents to settle at $3.9435 a gallon, while gasoline futures gained 1.43 cents to settle at $3.5134 a gallon. Natural gas futures jumped 15.2 cents to settle at $13.505 per 1,000 cubic feet.
Pump Demand Still Trails Last Year
Gasoline demand at the pump last week fell 2.1 percent compared with the same week a year ago, according to a survey by MasterCard SpendingPulse.
The average retail price for a gallon of regular gasoline fell by a penny, but is 36.2 percent higher than one year ago.
Michael McNamara, vice president research and analysis for MasterCard Advisors said the regional year-over-year view shows all regions but the Midwest are consuming less gasoline when compared to a similar week in 2007.
"It is worth noting that the Midwest has some the cheapest gasoline prices," said McNamara.
Year-to-date gasoline assumption is down about 2 percent compared with the same period in 2007, according to the survey.
A macro-economic indicator, SpendingPulse reports on national retail sales and is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. MasterCard SpendingPulse does not represent MasterCard financial performance
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