Commodity Corner: Crude Settles Lower for the Week
Crude oil regained some of its value Friday but still ended the week lower.
The light sweet crude oil futures price for July delivery settled at $70.04 a barrel, or a $2.03 improvement from Thursday's settlement price. Concerns about Europe's debt crisis and doubts about the U.S. economic recovery have dragged down oil prices over the past week, causing some to fear that oil will hit $60 in the near future quite a contrast from predictions of $90 oil weeks ago. During Friday's trading, prices did not fluctuate as wildly as they had the day before. The intraday high and low prices were $71.23 and $69.00, respectively. On Friday, May 14, crude oil settled at $71.61.
Also taking a downward turn Friday was the Henry Hub Natural Gas futures price for June delivery, which settled at $4.04 per thousand cubic feet a seven-cent decrease from Thursday. The high level of gas in storage is moderating price spikes the normally occur with the approach of summer's heat and higher electricity demand --and hurricane season. Natural gas traded between $4.18 and $4.06 on Friday. The $4.04 settlement price marks a 27-cent decline from the previous Friday.
The price of a gallon of gasoline stayed below $2.00 Friday. Before settling at $1.96, the June futures price ranged from a high of $1.99 to a low of $1.93. For the week, the settlement price for gasoline is down from $2.13 on May 14.