Friday, October 8, 2010
Commodity Corner: Crude Oil, Gasoline End the Week Higher
The Fos-Lavera matter, coupled with a strong euro compared to the dollar, proved to have a greater influence on Friday's oil futures price than unimpressive September jobless figures from the U.S. Labor Department. The federal agency reported Friday that nonfarm payroll employment fell by 95,000 jobs last month and that the unemployment rate remained at 9.6 percent during that period. Oil traded from $80.30 to $83.13, and it ended the week 1.5 percent higher.
Natural gas futures, which plunged by more than six percent Thursday, regained some momentum Friday. November natural gas settled three cents higher to end the day at $3.65 per thousand cubic feet. The front month gas price, which has declined with recent mild weather forecasts, fluctuated between $3.58 and 3.68 Friday. Compared to Monday's $3.73 settlement price, gas is down 2.1 percent for the week. The price of a gallon of gasoline rose by three cents Friday, settling at $2.15. The intraday range for gasoline was $2.09 to $2.16, and the commodity ended the week up 2.9 percent.
Courtesy of Rigzone.Com
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