Crude future soar on supply worries, top $31 per barrel

UpInArms

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Thu Oct-09-03 10:34 PM
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Crude future soar on supply worries, top $31 per barrel

http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2003/10/09/financial1807EDT0355.DTL

NEW YORK (Dow Jones/AP) -- Crude oil futures soared 4 percent Thursday to top $31 a barrel in New York, boosted by gains in heating oil and natural gas on supply concerns ahead of winter.

"I think winding up up here means that we still have an opportunity to probe the upside," concluded Tim Evans, senior energy analyst at IFR Pegasus.

The combination of a non-bearish report on natural gas storage and warnings of a below-normal amount of heating oil storage pushed prices up amid concerns of a cold winter season, analysts said.

Light, sweet November crude oil futures settled $1.20 higher at $31.01 a barrel after touching a high of $31.20 a barrel.

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hang a left

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Thu Oct-09-03 11:17 PM
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1. How much is it per barrel now? How will this affect our "strong"

economy? Out of my league here.

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