Saturday, May 28, 2011
Rigzone: Crude Oil Gains; Natural Gas Surges
Memorial Day marks the traditional start of summer in the U.S., and summerlike temperatures should prevail throughout the Midwest, South, and East during the next two weeks. As a result, investors expect stronger demand for air conditioning and gas fired power. Natural gas consequently ended the day 18 cents higher at $4.52 per thousand cubic feet. The July contract price peaked at $4.56 and bottomed out at $4.365. Since last Friday, natural gas has gained 6.9 percent. June gasoline settled four cents higher at $3.09 a gallon. The futures price fluctuated from $3.04 to $3.08, and gasoline is up 5.1 percent for the week.
Posted courtesy of Rigzone.Com