Another Down Day for Energy

Of the four products routinely tracked by Rigzone, futures for natural gas fell the most on Thursday. The 5 percent decline on the day in the May Henry Hub contract was likely a response to an announced weekly storage report where the injection was higher than anticipated. There is now a growing concern that natural gas will fall below $2 per MMBtu for the front-month contract.

Brent and WTI crude also traded lower, falling 1.4 percent and 2.5 percent, respectively. The continued leak at the Elgin platform in the North Sea most likely buoyed action for Brent futures against a backdrop of commodities reacting unfavorably to another wave of global economic concern.

Light, sweet crude for May delivery dropped $2.63 to $102.78 per barrel. May futures for Brent crude settled at $122.39 per barrel, a decrease of $1.77 per barrel compared to Wednesday's close.

May reformulated gasoline blendstock, RBOB, lost 2 cents to finish at $3.34 per gallon.

Natural gas lost 13 cents to settle at $2.14 per MMBtu for the May Henry Hub contract.


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