Gas prices seen likely to rise

Analysts predict lower supplies and higher demand will drive market in coming month, report says.

December 7 2006: 7:03 AM EST

NEW YORK (CNNMoney.com) -- Analysts believe gas prices will likely continue their recent upward trend in December, according to a report published Thursday.

It is rare for gasoline prices to go up at this time of year, but oil prices have continued rising while gasoline inventories have declined significantly, said USA Today.

The average price of a gallon of gas was $2.297 a gallon on Monday - the highest in two months - and analysts at Wachovia and Moody's Economy.com expect that it will continue to climb, according to the paper.

Gasoline demand in November was up 1.6 percent from a year ago, adding to pressure on prices, said the paper.

Stock prices for petroleum providers BP Plc (Charts), and Chevron Corp. (Charts), were down less than 1 percent Wednesday, while Exxon Mobil Corp. (Charts) saw shares tumble more than 2 percent as crude prices continue to vacillate.

Oil inches up on Nigeria disruption

Still, no happy holiday gift returns Top of page
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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.
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