A Slight Stumble While Trying to Peek Over the Fence
After trying to peek over the fence (i.e. approaching the 52-week high last week), the crude complex's rally halted Monday as the U.S. dollar strengthened.
Both Brent and WTI crude gave back some ground throughout Monday. Light, sweet crude for April delivery on the NYMEX fell $1.21 to $108.56 per barrel. April futures on the ICE for Brent crude settled at $124.17 per barrel, a decline of $1.30 from Friday's close.
April reformulated gasoline blendstock, RBOB, lost 2 cents to finish at $3.30 per gallon. Over the weekend, several cries for "Uncle" were voiced across media outlets as the average retail price for regular unleaded gasoline was seen approaching $3.70 per gallon.
Natural gas also faltered, falling 9 cents to settled at $2.60 per MMBtu for the April Henry Hub contract.
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