NEW YORK, 13 August 2005 — Oil prices settled at a record high near $67 yesterday, as US refinery outages looked set to test gasoline supplies in the world’s biggest-consuming nation. Light sweet crude for September delivery gained $1.06 to settle at $66.86 a barrel yesterday on the New York Mercantile Exchange - the highest close since Nymex trading began in 1983. Crude peaked at $67.10 earlier in the day, up from Thursday’s settlement price of $65.80. On July 20, prices settled at $56.72.
Oil prices are 46 percent higher than a year ago, but they would need to surpass $90 a barrel to exceed the inflation-adjusted peak set in 1980.
Gasoline futures climbed to $1.990 a gallon, an increase of 4.92 cents. Heating oil futures rose 0.7 cent to $1.9050 a gallon.
In London, Brent crude for September delivery closed at $66.45 a barrel, up $1.07.
With bullish sentiment unabated and crude prices hitting consecutive highs this week, analysts expect September contracts to test the $70 a barrel threshold.
Analysts said gasoline demand, currently at its peak in the US summer driving season, was pushing crude’s gains. Last week, US gasoline demand picked up by 1.4 percent from a year ago, according to government data.
Coupled with new reports of refinery outages this week, traders fear US refiners, already running at 95 percent of capacity, are straining to satisfy the rising demand.
The US Energy Department said Wednesday that gasoline inventories fell 2.1 million barrels to 203.1 million barrels last week.
