Friday, September 18, 2009

Crude Oil Futures Slip but Gain on the Week

Submitted by: John Schiffner

Crude oil for October delivery fell 44 cents, or 0.6%, to $72.02 a barrel in electronic trade.

Crude is still up 3.9% on the week so far, after rallying on upbeat U.S. economic news, a bigger-than-expected drop in U.S. inventories, and a weakening dollar.

On Thursday, crude-oil finished slightly lower after a volatile session.

Natural gas, meanwhile, continued its upward surge, rising 3.6%. On Thursday, the Energy Information Administration, part of the Department of Energy, said working gas in storage stood at 3,458 billion cubic feet as of Friday, an increase of 66 bcf from the previous week. Analysts surveyed by Platts expected an increase of between 72 and 76 billion cubic feet.

Elsewhere in the energy sector, gasoline for October delivery fell slightly to $1.85 a gallon, while October heating oil rose 0.1% to $1.84 a barrel.

Heartland Energy Colorado is one of the top hydrocarbon-based energy providers in the USA. They have many drilling locations throughout the country and remain one of the top producers of US oil & gas companies. For more information on Heartland Energy Colorado, see Heartland Energy Development Corporation online.

(Source: Nick Godt, MarketWatch)

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