At closing Thursday, U.S. crude oil futures showed no sign of slowing down as the commodity settled at $110.30 a barrel. This follows Wednesday's 30-month high after the commodity soared past $108 a barrel.
Light sweet crude oil saw a $1.47 increase in the price per barrel on the New York Mercantile Exchange. The Henry Hub saw an 8-cent drop, closing at a final price of $4.06 per thousand cubic feet.
According to an April 7 research note by Michael Bodino, energy research director at Global Hunter Securities LLC, NATO escalating its air campaign over Libya increased concerns that the conflict will spread to other energy-exporting countries in the region.
On the domestic front, recent EIA data showed that U.S. crude stockpiles rose 1.95 million barrels in the week to April 1. Current oil supplies in inventory now total 357.7 million barrels.
Additionally, the Henry Hub spot price dropped to its lowest level in three weeks Thursday. Gas traders were weary of forecasts for warmer weather temperatures due to hit parts of the eastern and central U.S., Bodino notes, citing the Commodity Weather Group LLC.
Contact the author, Rebecca Torrellas, at rtorrellas@hartenergy.com.
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