No Retreat for Energy Futures

No Retreat for Energy Futures

Crude futures rolled past $115 a barrel, hitting a new record on concerns about how much gas will be available during the peak summer months. The weekly inventories report from the Energy Department’s Energy Information Administration (EIA) showed a much bigger decline in gasoline supplies than forecast by analysts surveyed by Dow Jones Newswires.

The report also said crude inventories fell by 2.3 million barrels last week. Analysts expected a gain.

Oil prices were also boosted by the falling dollar, which declined to a new low against the euro.

Light, sweet crude for May delivery rose as high as $115.07 on the New York Mercantile Exchange and later settled up $1.14 at a record $114.93 a barrel.

May gasoline futures gained 5.8 cents to settle at a record $2.939 a gallon on the Nymex after earlier rising to a trading record of $2.9427.

May heating oil futures added 0.91 cent to settle at $3.283 a gallon, while May natural gas futures rose 22.8 cents to settle at $10.433 per 1,000 cubic feet.

In London, June Brent crude futures rose $1.08 to settle at $112.66 a barrel on the ICE Futures exchange.

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