Commodity Corner: Oil, Natural Gas Prices Surge
July crude oil futures passed the $75.00 mark Monday.
Oil settled at $75.12 a barrel, compared to $73.78 Friday, on signs that an economic recovery is at hand. In addition to a strengthening Euro against the Dollar and rising equities in the U.S. and globally, a European Union report showing climbing industrial output on that side of the Atlantic served as the impetus for Monday's rally. Oil traded from $74.04 to $75.99 during the session.
Natural gas futures also surged Monday, gaining 23 cents to settle at $5.01 per thousand cubic feet. Despite abundant inventories, gas prices have been on the ascent thanks to forecasts of above-normal temperatures and a busy hurricane season. Intraday prices for natural gas rose to $5.00 and bottomed out at $4.86.
The price of a gallon of gasoline increased three cents Monday, settling at $2.08. July gasoline futures fluctuated from $2.06 to $2.11.