Heating Oil Prices Dip After Record
Posted on: Friday, 11 April 2008, 09:00 CDT
Heating oil prices settled slightly Friday, two days after global demand for distillate fuels and low stockpiles in the United States produced record prices.
Heating oil peaked at $3.3225 per gallon, but dropped to $3.2129 Friday morning on the New York Mercantile Exchange.
More and more, the geographical delivery point over the last five years has become less important as we become integrated into a global economy, Peter Beutel, president of Cameron Hanover, an energy risk-management firm told The Wall Street Journal.
Crude oil prices dropped 23 cents on the exchange Friday to $109.88 per barrel.
Reformulated blendstock prices fell 0.0117 to $2.704 per gallon.
Natural gas prices fell 0.135 to $9.963 per million British thermal units.
At the pump, the national average price of a gallon of unleaded gasoline was $3.365 Friday, up from Thursday's $3.357, AAA said.
Source: United Press International
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