Commodity Corner: Oil, Gasoline Up for the Week; NG Flat
The front-month price for a barrel of crude oil posted a slight gain Friday, settling at $77.18.
Although Friday's 39-cent rise reversed course from the previous day, it was eclipsed by more impressive rallies earlier in the week. Friday's uptick was a response to a rally in the S&P 500 the index hit a one-month high and a strengthening euro against the greenback. Concerns about an oversupply of crude stockpiles in the near-term tempered oil's increase. Oil traded from $75.56 to $77.45 Friday and settled $2.06 higher for the week.
Natural gas lost ground Friday as traders sold off contracts to profit from impressive gains earlier in the week. The $5.00 settlement price, down 16 cents from Thursday, followed a trading session where gas reached a high of $5.19 and a low of $5.01. Friday's settlement essentially left natural gas flat for the week; Monday's settlement price was $5.01.
Gasoline for July delivery showed little movement Friday, settling a penny lower at $2.16 after trading from $2.14 to $2.17. Still, gasoline is up eight cents for the week.