Crude Gives Back Gains
After a strong rally Monday, crude oil futures gave back a fraction of the gains Tuesday. Specifically, WTI finished the day $1.22 lower settling at $104.55 per barrel. The release of the Federal Reserve's March Minutes, which were interpreted to signal a diminishing prospect of more intervention from the Feds, caused a little more investor weariness than usual with the S&P 500 losing one-half percent on the day.
Brent crude also settled 57 cents lower at $124.86 per barrel for the May futures contract.
Interestingly, both gasoline and natural gas prices traded up on Tuesday. May reformulated gasoline blendstock added a penny to $3.395 per gallon. May natural gas improved nearly 4 cents on the day to settle at $2.187 per MMBtu.
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