Energy Update: Crude Sliding as Profit-Taking Limits Most Gains; Brent Firms

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Crude oil starts slightly weaker this morning with yesterday's early gains eventually giving way to profit-taking after reaching $95.00 a barrel, taking prices lower. Another factor providing a boost to recent volatility was Tuesday's expiration of July crude oil. Brent crude contracts have turned around over the past hour and are firming above the $111 a barrel mark.

August RBOB prices declined to their lowest level since March 16th. Some cash traders reportedly said a boost in supplies following last week's higher prices was enough to pressure the market lower. August heating oil also has been on the decline with indications of weakening European demand.

Natural gas is trending higher, extending yesterday's advance, supported by the August contract establishing a higher peak after forecasts of warmer weather across the southern US and the Eastern Seaboard.

At 9:15 a.m.

AUG WTI Crude ( NY ) $93.77 -0.41

AUG Brent Crude (ICE) $111.32 +0.37

AUG Natural Gas ( NY ) $4.400 + 0.012



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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