Energy Futures Prices Jump in Heavy Trading
NEW YORK — Energy futures prices surged in brisk trading Tuesday, with gasoline leading the pack amid continued concerns about supplies.
On the New York Mercantile Exchange, the May contract for wholesale unleaded gasoline jumped 3.93 cents to settle at 76.16 cents a gallon, after dropping 1.93 cents on Monday. Other contract months were up sharply.
The June contract for West Texas Intermediate, the benchmark U.S. grade of crude oil, closed on the exchange at $21.41 a 42-gallon barrel, up 80 cents from Monday, when it fell 71 cents.
May wholesale heating oil, which slid 1.82 cents in the previous session, gained 0.27 cent to settle at 52.08 cents a gallon.
Andrew Lebow, a senior trader with ED&F; Man International Futures Inc., attributed the gasoline rally partly to expectations that the latest American Petroleum Institute weekly report would show decreased supplies in the wake of the Exxon oil tanker spill in Valdez, Alaska.
An explosion in the North Sea last week also compounded fears of an already tight gasoline supply situation as the summer driving season approaches.
On Tuesday, Exxon Corp. and Shell U.K., the British unit of Royal Dutch Shell Group, said they expected a prolonged shutdown in production in that area.
The North Sea accident has disrupted the flow of Brent crude through a major pipeline, affecting the production of at least 500,000 barrels a day.
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