Commodity Corner: Oil Edges Upward
Crude oil for March delivery gained nine cents in Wednesday's trading to settle at $90.86 a barrel.
Although investors continue to monitor the unrest in Egypt and its possible effects on other countries in the region and on Suez Canal shipping, a U.S. Energy Department report tempered the day's price movement. According to the Energy Information Administration (EIA), U.S. commercial oil stocks increased 0.8 percent last week to 343.2 million barrels.
Oil futures peaked at $91.78 and bottomed out at $90.10 Wednesday.
Another statistic in the EIA report had a negative effect on gasoline futures. Gasoline for March delivery fell two cents to $2.50 a gallon after EIA reported that U.S. gasoline inventories rose 2.65 percent to 236.2 million barrels last week. The 6.1 million-barrel increase is the highest week-on-week increase since December 31, 2010.
March gasoline fluctuated from $2.49 to $2.52.
Buoyed by frigid temperatures extending from the Southwest to the Northeast, March natural gas increased eight cents to end the day at $4.43 per thousand cubic feet. Gas traded from $4.34 to $4.44.