Heating Oil

Oil prices hovered below $93 a barrel Friday in Asia, pausing after the latest twists in Europe's debt crisis triggered a sharp two-week selloff. Benchmark oil for June delivery was up 4 cents to $92.60 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to settle at $92.56 in New York on Thursday. Brent crude for July delivery was up 11 cents at $107.60 per barrel in London. Crude has plunged about 13 percent from $106 two weeks ago because of expectations Europe's debt crisis will slow the global economy...

Oil bounced slightly off seven-month lows near $90 a barrel Thursday in Asia amid signs China's economy is continuing to slow. Benchmark oil for July delivery was up 37 cents to $90.27 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.95 to settle at $89.90, the lowest since Oct. 21, in New York on Wednesday. Brent crude for July delivery was up 29 cents at $105.85 per barrel in London. Crude has plunged about 15 percent from $106 three weeks ago amid growing investor concern that economic growth and oil demand in Europe,...

NEW YORK -- Oil prices declined yesterday, resuming last week's plunge as heating oil supplies go unused due to mild weather in the Northeast. Prices had briefly rebounded in earlier trading on reports that OPEC oil ministers are considering another cut, and worries that a dispute between Russia and Belarus could result in energy shortages in parts of Europe. But the rally failed to take hold, and prices began retracing their weather-driven drop. Although forecasters say US temperatures should return to normal over the next couple weeks, it won't be enough to make up for the recent...

Oil prices hung below $93 a barrel Tuesday in Asia, holding gains from the previous day as crude followed global stock markets higher. Benchmark oil for June delivery was up 10 cents to $92.67 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.09 to settle at $92.57 in New York on Monday. Brent crude for July delivery was up 10 cents at $108.91 per barrel in London. Crude has slumped from $106 earlier this month because of signs global economic growth may slow more than expected this year.

AUGUSTA, Maine - Governor John Baldacci drew attention to a "dangerous" winter ahead in his weekly radio address, while Republicans looked only as far into the future as Election Day. In his prepared text, the Democratic governor said that with the price of heating oil already above $4.60 a gallon, "many families will face a tough winter season, filled with difficult choices. " "Maine faces a dangerous winter," he said. Baldacci said recommendations presented to him by his Pre-Emergency Energy Task Force, such as more home weatherization, centralized energy services, more energy audits, and...

Oil futures prices sank to their lowest level in nearly a month yesterday on a continuation of the sell-off sparked last week by rising US supplies of crude and easing fears about the refining industry's ability to satisfy heating oil demand. The downward momentum appeared to overshadow concerns traders had about a possible strike in oil-rich Nigeria and a new setback to Russian oil giant Yukos, which was reportedly hit with $10 billion in new tax claims yesterday. December crude futures declined by $1.63 to settle at $50.13 per barrel on the New York Mercantile Exchange...

NEW YORK - Sparked by a cold snap in the Northeast, home heating fuels are getting more expensive even though supplies are well above normal for this time of year. Heating oil futures spiked with crude oil contracts last week. Retail prices followed, surging an average of 10.2 cents per gallon for residential customers by Monday, according to an Energy Information Administration report released yesterday. Natural gas prices rose everywhere for retail customers, with hikes of between 31 cents and $1.14 per each million British thermal units.

NEW YORK -- A decline in the nation's inventory of heating oil catapulted crude futures prices toward $55 a barrel yesterday, providing the latest jolt to a market already rattled by the world's tight supply of oil, strong demand, and the possibility of output problems in several producing nations. Commercially available supplies of heating oil declined by 1.2 million barrels for the week ended Oct. 8, falling to 50.0 million barrels, or 10 percent below year-ago levels, the Energy Department said in its weekly petroleum supply report.

CARACAS -- Venezuela said yesterday it will expand a program to provide discounted home heating oil to poor Americans, bringing savings to low-income families in Vermont and Rhode Island, as well as four Indian tribes in Maine. Venezuela's Citgo Petroleum Corp. has already begun selling millions of gallons of discounted fuel in Massachusetts and the Bronx in New York City as part of a plan by Venezuela's president, Hugo Chávez, to aid poor communities that he says are neglected by Washington.

Horror author Stephen King is stepping up to help struggling Maine residents buy heating oil. The state is facing deep cuts to a federal heating oil assistance program. The Maine native announced Tuesday that his foundation will work with the three radio stations he owns in the Bangor area to raise $140,000 to buy heating oil for low-income residents. He's asking listeners to donate $70,000, and the foundation will double it. King tells the Bangor Daily News (http://bit.ly/tTJMtO)

Oil prices hovered below $93 a barrel Friday in Asia, pausing after the latest twists in Europe's debt crisis triggered a sharp two-week selloff. Benchmark oil for June delivery was up 4 cents to $92.60 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to settle at $92.56 in New York on Thursday. Brent crude for July delivery was up 11 cents at $107.60 per barrel in London. Crude has plunged about 13 percent from $106 two weeks ago because of expectations Europe's debt crisis will slow the global economy...

Oil prices rose slightly to above $93 a barrel Thursday in Asia as traders mulled whether concern over Europe's debt crisis justifies extending a sharp two-week sell-off. Benchmark oil for June delivery was up 38 cents to $93.19 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.17 to settle at $92.81 in New York on Wednesday. Brent crude for July delivery was down 15 cents at $109.60 per barrel in London.

Oil prices fell to near $94 a barrel Tuesday in Asia, extending a two-week sell-off that has brought crude to a five-month low amid concern about Europe's debt crisis. Benchmark oil for June delivery was down 44 cents to $94.34 a barrel, the lowest since December, at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.35 to settle at $94.78 in New York on Monday. Brent crude for July delivery was down 45 cents at $110.55 per barrel in London.

Oil prices fell below $96 a barrel Monday in Asia amid investor concern that China's economy, the world's second-largest, is slowing faster than previously expected. Benchmark oil was down 40 cents to $95.73 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 95 cents to settle at $96.13 in New York on Friday. Brent crude was down 40 cents at $111.86 per barrel in London. Traders brushed off China's announcement Saturday that it plans to cut its bank reserve requirement by 0.5 percentage points.

Oil prices fell to below $96 a barrel Friday in Asia amid concern global crude demand will grow less this year than previously expected. Benchmark oil for June delivery was down $1.23 to $95.85 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 27 cents to settle at $97.08 in New York on Thursday. Brent crude for June delivery was down $1.03 at $111.70 per barrel in London. Crude has slumped about 10 percent from $106 last week as traders mull signs the economies of the U.S.,...

Oil prices fell to near $96 a barrel Thursday in Asia after U.S. crude supplies rose to a 22-year high, suggesting demand remains weak. Benchmark oil for June delivery was down 43 cents to $96.38 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents to settle at $96.81 in New York on Wednesday. Brent crude for June delivery was down 27 cents at $112.93 per barrel in London. On Wednesday, the Energy Information Administration said that increased oil imports and weaker...

Massachusetts households face higher heating costs this winter as fuel oil prices recently hit their highest summer levels in three years. With dealers beginning to make fall deliveries, heating oil prices in Massachusetts averaged $3.73 a gallon last month, up $1 from the same time last year, and 31 cents above the average price last winter. If prices stay where they are, according to an analysis of US Energy Department data, it would boost the average Massachusetts heating bill by about $225 this winter, taking a total of more than $200 million out of residents' pockets and...

The largest petroleum products distributor in northern New England is buying the home heating oil division of another fuel company in Maine. Portland-based Dead River Co. is buying Bangor-based Webber Energy Fuels' retail heating oil business for an undisclosed price. The acquisition does not include Webber's wholesale fuels, gasoline, insurance and other divisions. Webber has more than 100,000 home heating accounts in Maine and southern New Hampshire. The 225 Webber employees who are in the retail division will become Dead River employees.

NEW YORK - The price of oil hit its lowest level of the year Monday after election results in Europe appeared to jeopardize the region's plan for recovery. Benchmark US crude fell as low as $95.34 per barrel, 10 cents below the previous low set on Feb. 2. By the end of the day, the price had dropped 55 cents to finish at $97.94 per barrel in New York. The price declined after voters in France and Greece rejected incumbent leaders who supported austerity measures to fix the region's struggling economy.

Oil dived below $97 a barrel Monday in Asia, bringing its fall over three trading days to about 8 percent, as a slowdown in U.S. hiring and election results in Europe dimmed expectations of stronger economic growth. Benchmark oil for June delivery was down $1.87 to $96.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $4.05 to settle at $98.49 in New York on Friday. Brent crude for June delivery was down $1.81 at $111.37 per barrel in London.