Commodity Corner: Oil Rallies Again

For the second consecutive day, the price of a barrel of crude oil on the NYMEX posted an impressive gain Thursday.

The July futures price for light sweet crude oil settled at $74.55, up from $71.51 Wednesday. A stronger Euro, prompted by China's claim that it remains committed to the currency, helped to propel to crude oil. In addition, the U.S. Government reported 3% economic growth for the first quarter, Oil traded from $70.67 to $74.50 Thursday.

A U.S. Energy Department report stating that natural gas inventories are nearly 20% higher than the five-year average failed to diminish the commodity's value. The Henry Hub July benchmark rose 13 cents to $4.29 per thousand cubic feet Thursday. The intraday high and low prices for natural gas were $4.30 and $4.15, respectively.

The June gasoline contract passed the $2.00 mark Thursday, besting the previous day's $1.97-per-gallon settlement price by seven cents. Gasoline traded within a range from $1.96 to $2.04.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Manager II
Expertise: Estimating|Project Controls|Project Management
Location: Hayward, CA
 
Survey Project Manager
Expertise: Landman|Project Management|Surveying
Location: Corpus Christi, TX
 
Brownfield Project Manager
Expertise: Pipeline Engineering|Project Management
Location: Houma, LA
 
search for more jobs

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours