Energy Up, Broader Markets Down
by Trey Cowan
|Wednesday, February 22, 2012
The broader US markets closed down on the day, hurt by weakness in the technology sector. The energy complex on the other hand continued its ascent fueled by a continuation of mounting tensions surrounding Iran and their nuclear ambitions.
Brent and WTI crude both traded higher. April futures for Brent crude pierced $122 to settle at $122.90 per barrel, up $1.24 versus Tuesday's close. On the NYMEX, April WTI crude futures finished up three cents to settle at $106.28.
Among refined products, March reformulated gasoline blend was up one percent on the day to $3.09 per gallon, rounded.
Even natural gas broke out of its slump, trading up one percent on the day to $2.643 per MMBtu for the March contract at settlement.
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