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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (46531)	5/18/2004 9:54:14 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 89467

N.Y. Crude Oil Rises to Record on U.S. Gasoline Supply Concern May 17 (Bloomberg) -- Crude oil and gasoline futures in New York rose to all-time highs on concern that U.S. stockpiles of the motor fuel may not be adequate during the peak-demand summer months. Gasoline demand has averaged 8.8 million barrels a day this year, up 3.6 percent from the same period last year, according to the Energy Department in Washington. Supplies fell 1.5 million barrels to 202.5 million in the week ended May 7, the department said in a weekly report last Wednesday. The total was 2.9 percent below levels of a year earlier. ``We're going to be looking at the gasoline number on Wednesday,'' said Joshua Sadler, vice president of energy trading at Societe Generale's SG Corporate & Investment Banking in New York. ``If there is another draw we could be set for a disaster. I wouldn't know where the upper limit is since we're in uncharted territory.'' Crude oil for June delivery was up 14 cents, or 0.3 percent, at $41.52 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. If prices settle there it would be the fourth-straight record closing price. Oil rose to $41.85 a barrel during the session, the highest price since the futures contract began trading in 1983. Prices are up 42 percent from a year ago. In London, the July Brent crude-oil futures contract was up 7 cents, or 0.2 percent, at $37.93 a barrel on the International Petroleum Exchange. Prices were 45 percent higher than a year earlier. Gasoline for June delivery was up 0.69 cent at $1.417 a gallon in New York. Prices reached $1.421 during the session, the highest since the contract was introduced in 1984. Gasoline was 61 percent higher than a year ago. quote.bloomberg.com