Crude Rallies Above $80; NG Loses Ground
Crude prices rose Monday as the Euro's strength against the U.S. Dollar continued to wane and a labor dispute in France's refining
sector entered its sixth day. Workers at Total's French refineries continued to strike after negotiations between company and trade union representatives ended Sunday with no positive developments.
According to media reports, workers at two ExxonMobil refineries were planning to strike as well on Tuesday. The French industry minister, meanwhile, was offering assurances to the public that the country's fuel outlets would not run out of gasoline.
After opening at $4.95 Mcf Monday, March natural gas spot prices at the Henry Hub lost ground and settled at $4.895 Mcf after hitting a low for the trading day of $4.84.