Energy Prices Surge on Futures Market
March 14, 2006
Energy prices soared Tuesday on the New York Mercantile Exchange with crude oil posting a more-than-$2-per-barrel price hike.
High-quality crude oil for April delivery jumped $2.10 to $62.06 per barrel, and natural gas was up about 55 cents to $7.193 per million Btu.
Gasoline rose nearly a dime to $1.779 per gallon, and heating oil was up 7.53 cents to $1.7599 per gallon.
Traders blamed worries over Iran’s response to possible international sanctions for its nuclear program as the main cause of crude oil’s price rise.