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.