This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Oil Futures Pass $60

Updated from 2:25 p.m. EST

Energy prices rose Wednesday as problems at North American refineries affected the supply of refined products and as the deadline for Iran to abide by a U.N. resolution to halt its nuclear research loomed.

The April contract for light, sweet crude ended the trading day up $1.23 to $60.07 a barrel at the New York Mercantile Exchange. The March contract has expired.

The April contract for natural gas finished up 3 cents at $7.65 per million British thermal units. Heating oil added 2 cents to close at $1.68 a gallon, and gasoline gained 3 cents, finishing at $1.70 a gallon.

Refinery outages are generating some concern over the energy sector's ability to change its focus from winter heating oil to refined products such as gasoline, according to Tom Bentz, energy analyst at BNP Paribas Commodity Futures in New York.

A fire shut in Valero's (VLO - Get Report) McKee refinery in Sunray, Texas, on Friday. Valero now says it won't attempt a restart for several weeks. The refinery produces roughly 160,000 barrels a day, 54,000 barrels of which are refined products.

Last week, a fire also struck Imperial Oil's (IMO) Nanticoke refinery in Canada, causing a gasoline shortage in the Ontario region.

Regardless of the refinery issues, the current inventories of gasoline and other refined products in the U.S. are "comfortable," according to Bentz.

Geopolitical tensions around the globe are also keeping energy prices somewhat elevated. Iranian President Mahmoud Ahmadinejad promised Wednesday to continue to pursue uranium enrichment regardless of the possibility of a reaction by the international community. Today is the deadline for Iran to demonstrate to the U.N. that it's acting upon its resolution calling for a stoppage.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
DWSN $4.39 0.00%
OIL $10.25 0.00%
PGN $1.35 0.00%
VLO $61.87 0.00%
AAPL $123.25 0.00%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs