Energy Sector Roundup: Crude Ends Near $141

Crude on the Rise Again

Oil prices pushed higher again on worries about tight supplies and mounting tension in the Middle East.

Light, sweet crude for August delivery rose 97 cents to settle at $140.97 a barrel on the New York Mercantile Exchange, after spending much of the session above $142 a barrel.

In other Nymex trading, heating oil futures added 3.35 cents to settle at $3.9435 a gallon, while gasoline futures gained 1.43 cents to settle at $3.5134 a gallon. Natural gas futures jumped 15.2 cents to settle at $13.505 per 1,000 cubic feet.

Pump Demand Still Trails Last Year

Gasoline demand at the pump last week fell 2.1 percent compared with the same week a year ago, according to a survey by MasterCard SpendingPulse.

The average retail price for a gallon of regular gasoline fell by a penny, but is 36.2 percent higher than one year ago.

Michael McNamara, vice president research and analysis for MasterCard Advisors said the regional year-over-year view shows all regions but the Midwest are consuming less gasoline when compared to a similar week in 2007.

"It is worth noting that the Midwest has some the cheapest gasoline prices," said McNamara.