Crude Reverses Course to Finish Positive
Crude advanced throughout the late afternoon session to finish Wednesday higher than where the trading day started. This was the bull's first win in three days in the crude pits.
April light sweet crude futures trading on the NYMEX improved 52 cents to settle at $107.07 per barrel. After falling by more than $1.00 per barrel in the morning, a midday rally pushed the April contract back into positive territory. Similarly, April futures for Brent improved $1.11, or 1 percent, to settle at $122.66 per barrel.
RBOB gasoline futures also improved on the day. The April RBOB contract settled at $3.26 or up 1 percent from the previous day.
Even natural gas showed considerable strength, advancing nearly 10 cents to finish at $2.62 per MMBtu. Trading lower for the past four sessions, Wednesday's gains may be more a relief rally than an indicator that the slump in natural gas prices—due to oversupply—is coming to an end.
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