Commodity Corner: Oil Up 3.2% for the Week
The emergency shutdown of a vital crude oil pipeline caused the October futures to surge $2.20.
Oil settled at $76.45 a barrel following a rally prompted by Enbridge's closure of a segment of its Lakehead System, which is a key route for supplying the U.S. market with Western Canadian crude. Enbridge Line 6A, carries 670,000 barrels per day of light synthetics, heavy, and medium crude from Superior, Wis., to Griffith, Ind.. Enbridge stopped the flow of oil through the 34-inch-diameter segment after reporting a leak Thursday evening. According to a company announcement late Thursday, the cause of the release had not been determined.
Crude oil traded from $74.37 to $76.56 Friday and ended the week up 3.2%.
Natural gas for October delivery gained 11 cents to settle at $3.88 per thousand square feet. The gas futures price fluctuated between $3.77 and $3.94 during Friday's session, and it ended the week up 0.8%.
The price of a gallon of gasoline also finished the day higher, settling at $1.97 a three-cent gain for the day. Gasoline peaked at $1.98 and bottomed out at $1.94 Friday. It is up 1.5% for the week.