Oil steps back
Oil steps back Oil and gas futures receded on Monday (September 24) after a tropical depression that had moved through the Gulf of Mexico late last week turned out to be a dampener. Production is being restored thus putting to rest supply concerns. Many analysts believe much of oil`s recent run can be attributed to speculators buying and selling crude futures contracts with no intention of taking delivery.
Light, sweet crude for November delivery fell 67 cents, a barrel to settle at USD 80.95 on the New York Mercantile Exchange (NYMEX), while October gasoline fell 3.11 cents, to settle at USD 2.0834 a gallon.
October heating oil fell 2.56 cents, to settle at USD 2.2306 a gallon, while NYMEX natural gas futures rose 28.7 cents, to settle at USD 6.367 per 1, 000 cubic feet.
In London, November Brent crude dropped 39 cents, a barrel to settle at USD 78.91 on the ICE Futures exchange.
At the pump, meanwhile, gas prices dipped 0.1 cents, overnight to a national average of USD 2.809 a gallon.
