Oil Prices Surge in New York Amid Worries for Refinery Capacity
Posted on: Tuesday, 27 September 2005, 09:00 CDT
Oil prices surge in New York amid worries for refinery capacity NEW YORK, Sept. 26 (Xinhua) -- Oil prices surged Monday amid worries for US refinery capacity after Hurricane Rita.
New York's main contract, light sweet crude for delivery in November, jumped 1.63 dollars to close at 65.82 dollars. October heating oil futures lead the gains, climbing 10.96 cents to settle at 2.0586 dollars a gallon. October gasoline futures settled up 4. 36 cents at 2.1292 dollars a gallon.
Rita swirled through the Gulf of Mexico over the weekend, creating less havoc than expected, which led to an initial fall in oil prices and a positive reaction on global stock markets on Monday.
Supply worries were most focused on domestic heating oil inventories, which need to build further ahead of the cold weather. 14.5 percent of the nation's refining capacity stayed off line along the U.S. Gulf Coast and the majority of oil and natural gas production in the region remained locked in.
Source: Xinhua News Agency - CEIS
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