Tuesday, May 31, 2011
Rigzone Staff
by Saaniya Bangee
Crude futures climbed to a three-week high Tuesday as concerns eased over Europe's debt crisis.
July's oil prices gained $2.11 Tuesday before settling at $102.70 a barrel on the New York Mercantile Exchange. The greenback fell against the euro as the European Union debated on sending additional financial aid to boost Greece's economy. Luxembourg Prime Minister Jean-Claude Juncker said a new aid package will be decided on by the end of June. A weaker dollar increases the appeal of the dollar-denominated commodities making it cheaper for foreign buyers.
After noticing a 40-barrel spill at a pump station in Kansas, TransCanada temporary closed down its Keystone pipeline—further pressuring oil prices Tuesday. The Keystone pipeline carries half a million barrels of crude per day from Alberta to Cushing, Okla., the largest oil storage hub in the U.S.
Oil prices peaked at $103.39 a barrel and bottomed out at $99.60 on Tuesday.
Natural gas for July delivery traded up Tuesday, adding 15 cents to settle at $4.67 per thousand cubic feet. Prices rose to their highest in four weeks on forecasts predicting above-average weather. Hotter weather increases demand for fuel which is required for air conditioning. The intraday range for natural gas was $4.525 to $4.71 per thousand cubic feet.
Gasoline prices also ended higher Tuesday. After fluctuating between $3.07 and $3.165, gasoline settled at $3.15 a gallon, 5.84 cents higher from the previous trading session.
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