Business As Usual for Commodities
The broader markets were flat on the day with the S&P 500 off one-tenth of one percent while the Dow and NASDAQ were barely in the green versus Monday. The energy complex was a little weaker on credit downgrades by Moody's.
Brent and WTI crude trading were mixed on the day. Light, sweet crude for March delivery on the NYMEX fell 17 cents to $100.74 per barrel. March futures for Brent crude gained $0.15 to finish at $118.08 per barrel.
Among refined products, March reformulated gasoline blendstock lost three cents to finish at $2.98 per gallon. While demand for gasoline remains tepid, the commodity is currently finding support from continued refinery shutdown (temporary maintenance) announcements.
Natural gas managed a strong rally and settled at $2.53 per MMBtu, ten cents higher than yesterday. Tuesday's rally erased losses from the prior day when the March contract lost two percent.
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