Providing coverage of Alaska and northern Canada's oil and gas industryJune 2007
| Vol. 12, No. 23 | Week of June 10, 2007 |
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Oil price futures up, gasoline futures fall
Gasoline futures fell June 6 after the government reported an unexpectedly large increase in gas inventories and a surprising decline in refinery utilization.
Oil futures jumped when news broke that several thousand Turkish troops had crossed into northern Iraq to chase Kurdish guerrillas. Light, sweet crude for July delivery recovered from early losses and rose 35 cents, to settle at $65.96 a barrel on the New York Mercantile Exchange. Gasoline futures for July dropped 1.69 cents, to settle at $2.1904 a gallon on the Nymex. Gasoline inventories jumped by 3.5 million barrels in the week ending June 1, according to the Energy Information Administration’s weekly inventory report; crude inventories rose by 100,000 barrels.
—The Associated Press
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