Monday, November 8, 2010
Commodity Corner: Crude Oil, Natural Gas Finish Higher
Also applying upward pressure on the oil futures price was a stronger dollar. The euro lost ground to the greenback amid market concerns about mounting sovereign debt problems in Ireland, Spain, and Portugal. Crude oil traded from $85.96 to $87.49.
For the second time in as many weeks, front month natural gas settled above the $4.00 mark, $4.09 per thousand cubic feet, to be exact. Despite an ongoing high inventory environment, predictions of below normal temperatures in the Northeast spurred speculation that demand for gas-fired electricity will increase over the next two weeks.
Natural gas for December delivery peaked at $4.10 and bottomed out at $3.94. December gasoline remained flat at $2.18 a gallon Monday. It traded within a range from $2.15 to $2.19.
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