Tokyo Gasoline Futures Hit Record High on Oil Price Rise, Accident
Posted on: Monday, 17 April 2006, 12:00 CDT
By Kyodo News International, Tokyo
Apr. 17--TOKYO -- The price of the October 2006 gasoline futures, a benchmark contract of the instrument, closed at a record-high 67,960 yen per kiloliter on Monday on the Tokyo Commodity Exchange.
The rise is attributable to higher crude oil prices and an explosion at Cosmo Oil Co.'s refinery in Chiba Prefecture on Sunday, industry observers said.
The explosion halved the output capacity of the facility, fueling fears about tighter gasoline supplies among market participants.
Since refineries at other domestic oil producers are due to shut down temporarily for regular maintenance next month, the explosion, coming at a time when distributors have to ensure they get sufficient supply, also added to concerns about a possible shortage, said an official with a Japanese trading house.
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5007,
Source: Kyodo News International, Tokyo
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