The tight product situation and chronically rising crude oil prices sent the prices for heating oil and gasoil to new record highs
Tuesday oil futures slipped from record mark of $54, despite of continuing concerns on Nigeria and the Gulf of Mexico.
Light sweet crude oil futures for November delivery dropped down 19 cents to $53.45 a barrel on the New York Mercantile Exchange; the ultimate point during the trade was $54.45.
London?s Brent crude November futures also fell 11 cents to $50.55 a barrel on the International Petroleum Exchange. Earlier, the contract rose as much as 84 cents to a new record high of $51.50.
The tight product situation and chronically rising crude oil prices sent the prices for heating oil and gasoil to new record highs Tuesday.
November heating oil futures rose as much as 1.43 cents to $1.4850 a gallon at NYMEX in early trade after hitting a new record high of $1.4930 a gallon overnight. The contract ended overnight trade at $1.4850 a gallon. The November gasoline rose as much as 80 points to $1.4130 a gallon, after ending overnight trade higher at $1.4140.
On the IPE, October gasoil scored another record high at $508.00 a metric ton, up $18.75, but fell more recently to trade at $499.00, up $9.75.
