Crude prices jump on gov't energy report

Chemical News: Crude prices jump on gov't energy report

https://www.chemnet.com Oct 10,2007 Xinhua
NEW YORK, Oct. 9 (Xinhua) -- Crude-oil futures ended higher Tuesday amid concerns about heating-oil supplies ahead of seasonal demand.

Crude for November delivery ended up 1.24 dollars, or 1.6 percent, at 80.26 dollars a barrel on the New York Mercantile Exchange. The November contract closed with a 2.7 percent loss for Monday's regular session.

In a monthly report, the U.S. Energy Department's Energy Information Administration estimated that global demand for oil will be 1.8 million barrels a day higher in the fourth quarter than it was during the same period last year.

The report follows a prediction Thursday from the U.S. National Oceanic and Atmospheric Administration that temperatures in the United States will be 1.3 percent colder than last year.

According to the report, colder temperatures and higher fuel prices will force U.S. households to pay about 10 percent, or 88 dollars, more to heat their homes this winter.

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