Crude Up a Little, Gasoline Steady
Gasoline held steady near an average $3.98 a gallon at the pump, as oil prices rose modestly after an OPEC official again said there’s no need for the cartel to pump more oil and rough weather closed Mexican oil ports.
The national average price of a gallon of regular gas was unchanged at $3.975, according to a survey of stations by AAA and the Oil Price Information Service, matching a record set Sunday. Light, sweet crude for July delivery rose 41 cents to settle at $127.76 a barrel on the New York Mercantile Exchange. Earlier Monday, oil futures fell nearly $10 below a trading record of $135.09 reached May 22.
July gasoline futures rose 4.25 cents to settle at $3.3907 a gallon, supported by temporary outages at two domestic refineries.
In other Nymex trading, July heating oil futures rose 5.53 cents to settle at $3.722, and July natural gas futures rose 26.6 cents to settle at $11.969 per 1,000 cubic feet.