Fever Pitched Energy Complex Moving on Rumors
Thursday afternoon crude prices surged on a report that a pipeline may have caught fire in Saudi Arabia. Fast forward one day and crude is pulling back as Saudi Arabia called the earlier report unfounded.
Brent and WTI crude both ended lower on Friday. On the NYMEX, April contracts for light sweet crude fell $2.14 to $106.70 per barrel. April futures for Brent crude breached $125 per barrel to loose $2.55 to finish at $123.65 per barrel.
Gasoline's rally finally halted Friday, April reformulated gasoline blendstock fell 8 cents to finish at $3.27 per gallon.
Natural gas April futures gained 2 cents on the day to settle at $2.484 per MMBtu in what appeared to be a sympathy rally after Thursday's loss of 15 cents.
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