Energy Commodities Finished Lower

The sell off across the U.S. markets began at the opening bell as investors reacted to weakness in the European markets. The S&P 500 index gave back one percent to close at nearly 1399 while most European markets closed more than 2 percent lower than Tuesday.

Crude prices suffered greater losses than broader U.S. equity market. Specifically, WTI finished the day $2.54 lower Wednesday to settle at $101.47 per barrel. More talk of a possible SPR release and softer than anticipated ISM service data (especially order backlog) added to investor worries as the day progressed. Brent crude settled $2.52 cents lower at $122.34 per barrel for the May futures contract.

Neither gasoline nor natural gas prices were spared on Wednesay. May reformulated gasoline blendstock lost 6 cents to $3.336 per gallon. Natural gas fell nearly 5 cents on the day to settle at $2.141 per MMBtu on the May contract.


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.