Commodity Corner: Oil Bounces Back

Crude oil for June delivery settled above $100 Monday—$102.55 a barrel, to be exact.

Sensing a buying opportunity after last week's 14.7-percent decline in oil futures, investors helped to give oil a $5.37 day-on-day bounce. Monday's rally stems in part from expectations that the overall supply and demand fundamentals for oil will become less elastic by early 2012.

Oil peaked at $103.40 and bottomed out at $97.42 Monday.

Also surging Monday was the front-month price for gasoline, which gained 17 cents to settle at $3.28 a gallon. Propelling gasoline were fears that an increasingly swollen Mississippi River will curb production from refineries along the waterway. Widespread, potentially record-breaking spring flooding is threatening cities and towns along the river from the Midwest to the Deep South.

June gasoline traded within a range from $3.10 to $3.31.

Natural gas for June delivery lost 8.5 cents to end the day at $4.15 per thousand cubic feet. Gas, which has fallen as temperatures moderate in the Midwest and Northeast, fluctuated from $4.15 to $4.30 Monday.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
Project Engineer
Expertise: Electrical Engineering|Instrument & Controls Engineer|Project Management
Location: Deer Park, TX
 
V&M Sales Representative
Expertise: Sales
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours