Markets

Energy Currents: Crude Up Slightly After Falling to 6-Month Lows Thursday

Crude oil futures are flat to slightly higher this morning, taking a breather following yesterday's steep plunges. The IEA decision to release 60 million barrels of crude oil from strategic reserves sent August crude prices to their lowest levels since mid-December. Some traders reportedly questioned the timing of the move but the IEA said its decision was intended to help fill the void from lost production in Libya and, to a lesser extent, Yemen.

Natural gas today is up a few cents this morning after falling to a 3-month low on Thursday, influenced by a larger-than-expected increase in the weekly storage report. Despite the rise, total storage of 2,354 billion cubic feet is still 2.6% below the 5-year average.

At 9 a.m.

AUG WTI Crude ( NY ) $91.43 +0.37

AUG Brent Crude (ICE) $107.02 -0.24

JUL Natural Gas ( NY ) $4.197 +0.004

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

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