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Article: Energy futures, spot oil prices up sharply on supply worries

Article from:
THE JOURNAL RECORD
Article date:
December 6, 1996
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Energy futures rose sharply Thursday as a French oil workers strike and U.S. refinery outage threatened to make it harder to replenish lean inventories, just as cold weather in key natural gas and heating oil regions boost demand.

Crude oil soared to its highest price since Oct. 21, and the January natural gas contract made new highs as supply worries intensified, said Peter Cardillo, director of research at Westfalia Investments Inc.

Crude oil for January delivery rose 78 cents to $25.58 a barrel, the highest settlement since $25.92 on Oct. 21 in trading on the New York Mercantile Exchange. Spot prices Thursday were raised $1.25 per barrel by Phillips 66 Co., Koch Oil Co., Total Petroleum ...

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