Crude Oil Sets Nominal Record High
Posted on: Wednesday, 6 July 2005, 18:00 CDT
Stormy weather in the Gulf of Mexico intensified supply worries Wednesday and boosted crude oil futures to a nominal record of $61.28 per barrel.
Tropical Storm Cindy forced the closure of 12.7 percent of daily oil production in the Gulf Tuesday, MarketWatch reported, and Tropical Storm Dennis was threatening to become at least as disruptive.
High-quality crude oil for August delivery climbed 2.8 percent on the New York Mercantile Exchange to settle at a record $61.28. On an inflation-adjusted basis, however, the cost of oil remains far below its 1980 high, of about $90 per barrel, calculated in 2005 dollars.
Petroleum product prices also set nominal records, with August delivery of heating oil gaining 6.24 cents to a high of $1.7984 a gallon, and August gasoline gained 10.81 cents to $1.7899 a gallon, also a record.
Natural gas prices traded at their highest level in two weeks, with August deliveries going for $7.67 per million British thermal units, up 19.5 cents.
Source: United Press International
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