EnergyInvestingNews.org

In Wednesday trading on the NYMEX benchmark crude oil for April delivery rose $1.23 cents to settle at $82.93 a barrel.  Oil was bouyed by a less than expected build in U.S. crude oil inventories.  The EIA reported that oil inventories were up 1 million to 344 million barrels for the week ending March 12.  Analyst had forecast a crude oil inventory build of 1.9 million barrels.

Elsewhere across the energy sector April NYMEX contracts for heating oil gained 2.52 cents to settle at $2.1395 a gallon.  April NYMEX natural gas was down 4.4 cents to settle at $4.303 per 1,000 cubic feet.

The price of crude oil gained 2.4% in trading on Tuesday after the Federal Reserve announced plans to hold interest rates at current levels.  This in turn led to increased weakness in the U.S dollar, which is currently at a 30 day low.

Crude oil for April delivery is currently at $81.82 a barrel in electronic trading on the New York Mercantile Exchange.

Natural gas prices closed at their lowest level since November 19.  Natural gas for April delivery was  down 4.4 cents (1%) to $4.347 per million British thermal units in trading on the NYMEX.

Crude oil prices fell below $80 for the first time in two weeks on Monday.  Crude oil for April delivery closed at $79.80 in trading on the NYMEX.

Elsewhere across the energy sector...April contracts on the NYMEX:

Heating oil down 3.64 cents to close at $2.0576 a gallon.

Gasoline declined 3.22 cents to settle at $2.2228 a gallon.

Natural gas was lower by .9 cents to close at $4.391 per 1,000 cubic feet.

Natural gas prices hit a new 52-week low of $4.334 during the trading session.

Bearish economic data from the United States drove oil prices lower on Friday.

Light, sweet crude oil for November delivery settled down 1.2%, or 87 cents, at %69.95 a barrel, after two days above $70. On the ICE, November Brent crude settled at $68.07 a barrel, down $1.12

Natural gas for November delivery on the New York Mercantile Exchange hit $4.351/MMBtu.

     Sept. 1 (Bloomberg) -- Crude oil and gasoline rose in New York as Hurricane Gustav approached the U.S. Gulf coast, forcing the closure of refineries and evacuation of offshore rigs.

Crude oil for October delivery rose as much as $2.54, or 2.2 percent, to $118 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $116.36, up 0.8 percent, at 1:36 p.m. in Singapore. Prices, which dropped 7 percent in August, are up 22 percent this year.           

Gulf Coast refineries have cut at least 1.56 million barrels a day of production, about 9.8 percent of the U.S. total. Eight refineries have announced shutdowns, while a further five have reduced capacity.    

Analysts are raising target prices for Chesapeake Energy (NYSE CHK) following the announcement of a joint venture with Plains Exploration and Production Company to produce gas in the Haynesville shale region.

Wachovia Capital Markets analyst David Tameron called the deal a "brilliant transaction," and "a prudent, home run deal, and serves as a reminder why Chesapeake's management is often so highly regarded by the Street."

Stifel Nicolaus & Co. analyst Michael A. Hall raised his target price on Chesapeake Energy to $82 from $74.

Light, sweet crude for August delivery gained $2.60 to close at a record $143.57 a barrel on the New York Mercantile Exchange.

The Energy Department reported that crude oil inventories decreased by 2 million barrels last week.  Analysts were forecasting a decline of roughly 1.2 million barrels.

In contrast the EIA numbers on gasoline showed an increase of 2.1 million barrels.  This number was larger than analyst forecasts and signals a reduced demand for gasoline by American drivers.

Gasoline inventories posted a decline of 100,000 barrels in the previous week.