Commodity Corner: Crude Revisits the Sixties
The price of crude oil took a trip back in time Monday, but not to the era of lava lamps, hip-huggers, and go-go boots. Instead it fell below $70 a barrel, rekindling memories of December 14, 2009, when it last closed within the $60-$70 range.
Crude did settle above the $70 mark -- $70.08 to be exact -- but lingering fears about a weak Euro versus the Greenback and a spread of the financial havoc that has hit Greece caused the price to reach a low point of $69.27 Monday. At the other end of the spectrum, the intraday high was $72.25 64 cents higher than Friday's settlement price.
Natural gas prices, meanwhile, rose on expectations of a busier-than-normal hurricane season and the sentiment that the economy is recovering. The Henry Hub Natural Gas Futures June contract price settled at $4.40, nine cents above Friday's settlement. The intraday high and low for Monday were $4.28 and $4.41, respectively.
The gasoline futures price declined Monday, settling at $2.04 after trading within a range of $2.04 to $2.14. Friday's settlement price was $2.13.