Tightening market boosts crude price

07/10/2006
by Sam Fletcher, Senior WriterAfter declining earlier in the month, crude futures prices began to climb June 21 on the New York market, following a lower-than-expected build in commercial US crude inventories, and closed at a 7-week high just under $74/bbl June 30, the last trading session for that month. Traders expressed concerns over possibly tight gasoline supplies during an expected record increase in driving during the Fourth of July US holiday.US gasoline stocks inched up by only 300,000 bbl to 213.4 million bbl during the week ended June 16, well below the level expected by Wall Street analysts. The switch from methyl tertiary butyl ether (MTBE) to ethanol as an oxygenate in refor...
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