Crude, Gasoline, Heating Oil Climb on Turmoil: Oil Products

Crude oil, gasoline and heating oil advanced to the highest levels in at least 28 months as Libya’s violent uprising boosted concern that global supplies will tighten. Ethanol also gained.

“We’re crossing $100 because with the cut in Libyan output, the unrest in the Middle East is actually having an impact on oil supply,” said Phil Flynn, vice president of research at PFGBest in Chicago.

Crude Oil

Crude oil for April delivery gained $2.68, or 2.8 percent, to $98.10 a barrel on the New York Mercantile Exchange, the highest settlement price since Oct. 1, 2008.

Brent crude for April delivery, the European benchmark, added $5.47, or 5.2 percent, to $111.25. The spread between the contracts widened $2.79 to $13.15 a barrel.

Gasoline

Gasoline for March delivery increased for the third straight day, adding 11.28 cents, or 4.3 percent, to $2.7149, the highest settlement price since Sept. 12, 2008. Gasoline has jumped 11 percent this year.

Heating Oil

Heating oil for March delivery advanced 11.25 cents, or 4 percent, to settle at $2.9049 a gallon on the Nymex, the highest level since Sept. 26, 2008. Heating oil has added 14 percent this year.

Ethanol

Denatured ethanol for March delivery gained 4 cents, or 1.6 percent, to $2.471 a gallon on the Chicago Board of Trade. Ethanol has gained 4 percent this year.

Refineries and Transport

Exxon Mobil Corp. restarted a compressor that went offline yesterday at its Baytown refinery inTexas and caused a fluid catalytic cracker to flare, according to a state filing. The compressor has been restarted and the incident didn’t affect production, according to the filing.

(Source: http://www.bloomberg.com/news/2011-02-23/crude-gasoline-heating-oil-climb-on-turmoil-oil-products.html)