Gas Prices Rise Ahead of Long Weekend
Gas prices gained as market participants worried by the approach of the US summer driving and hurricane seasons purchased oil contracts ahead of a long weekend.
Crude oil rose 26 cents to US $71.58 a barrel.
The market in New York closes early Friday and will be shut Monday in observance of Memorial Day, the unofficial start of the summer driving season, when gasoline demand peaks.
Market participants said the prospect of an active hurricane season - which starts June 1 - is another factor pushing gas prices up.
Last year's hurricane season damaged key oil infrastructure in the U.S. Gulf of Mexico, including Hurricane Katrina's severe disruption of the flow of oil and natural gas from the region, and the shutdown of onshore refineries and pipelines.
Worries about summer supply shortages were reignited by reports of refinery snags, offsetting US government data that showed gasoline inventories rose for a fourth consecutive week.
Crude oil rose 26 cents to US $71.58 a barrel.
The market in New York closes early Friday and will be shut Monday in observance of Memorial Day, the unofficial start of the summer driving season, when gasoline demand peaks.
Market participants said the prospect of an active hurricane season - which starts June 1 - is another factor pushing gas prices up.
Last year's hurricane season damaged key oil infrastructure in the U.S. Gulf of Mexico, including Hurricane Katrina's severe disruption of the flow of oil and natural gas from the region, and the shutdown of onshore refineries and pipelines.
Worries about summer supply shortages were reignited by reports of refinery snags, offsetting US government data that showed gasoline inventories rose for a fourth consecutive week.
posted by Ottawa Gas Prices | 5:37 AM
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