Pipeline Explosion Adds To Instability
The broader markets ended in positive territory Thursday even though there was sell off in the last hour of trading. The reason for the sell off may have also been the reason for the surge across the energy complex late in the day, a pipeline explosion in Saudi Arabi.
Brent and WTI crude both ended the trading day higher. On the NYMEX, April contracts for light sweet crude gained $1.77 to $108.84 per barrel. In after hour's trades, WTI futures for April surpassed $110 per barrel. April futures for Brent crude breached $125 per barrel to finish up $3.54 to $126.20 per barrel.
Gasoline continues its surge as April reformulated gasoline blendstock gained 9 cents to finish at $3.35 per gallon.
Natural gas was again a loser on the day. April futures fell nearly 15 cents on the day to settle at $2.463 per MMBtu. Data from the EIA showing a weekly withdrawl.of 82 billion cubic feet, well below estimates calling for a 90 Bcf reduction, was the primary source of the natural gas market's woes Thursday.
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