Crude Trades Higher on Stronger Euro
In what was viewed as an unwinding of a short position, the Euro traded stronger against the U.S. dollar on Monday. This appeared to be the necessary catalyst that pushed most energy products higher for the day.
WTI crude was a beneficiary and ended the trading day higher. On the NYMEX, May contracts for light sweet crude gained 98 cents to $108.58 per barrel. Brent futures however were slightly weaker on the day due to reports that Libya plans on stepping-up production to pre-Arab spring levels soon. May futures for Brent crude slumped by 10 cents to finish at $125.71 per barrel.
Gasoline continued to climb and ended the day up a penny for April reformulated gasoline blendstock, settling at $3.37 per gallon.
Natural gas also closed higher on the day. April futures gained nearly 3 cents to end the session at $2.351 per MMBtu.
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