Energy, Struggles Today; Stronger for Week
The broader markets traded off Friday, down 9 points to 1342 on the S&P 500 index. The day started on a sour note with the Greek tragedy resurfacing, as lingering concerns over how the bailout will evolve again plagued the market. The energy complex trailed off in morning trades but managed to gain back some ground once the European markets closed.
Brent and WTI crude were lower on the day. Light, sweet crude for March delivery on the NYMEX declined $1.17 to $98.67 per barrel. For the week, WTI improved $0.83 per barrel versus the previous Friday's close. March futures for Brent crude dropped $1.28 to finish at $117.31 per barrel but were up for the week by $2.73 per barrel.
Among refined products, March reformulated gasoline blendstock was down nearly four cents finishing at $2.97 per gallon. For the week, gasoline improved six cents, or two percent, versus last Friday.
Natural gas was flat on the day at $2.477 per MMBtu. For the full week, natural gas fell one percent continuing a trend of weakness in the face of oversupply issues in the United States.
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