Persistent fears that the supply of heating oil would not meet global demand in the winter of 2005 and a fresh U.S. dispute over Iran's nuclear program, escalated concerns of Middle East crude supply disruptions. The benchmark crude oil contract for August delivery on the New York Mercantile Exchange rose to US$58.87 per barrel. Heating oil rose to US$1.7.
Last weeks spike in prices has been due to growing demand and concerns that North America's aging refineries will have to stretch production levels to the limit as they ramp up production of distillates ahead of winter. This tightness in refinery capacity coupled with strong demand leaves little margin for refinery glitches to occur.
05-Jul-05 
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