Winter Storm Trips Up Crude Prices on Monday

The monster snow storm which hit the northeast U.S. also impacted oil prices, but crude managed to stay above $30 a barrel. March West Texas Intermediate crude slipped $1.85 to end trade at $30.34 a barrel on the New York Mercantile Exchange. March Brent crude lost $1.68 to settle at $30.50 a barrel on the London ICE Futures Exchange.

Traders bought into the notion that the northeast won’t be needing as much crude oil products, namely gasoline as they begin to recover from the winter storm.

While oil prices are down because of the winter weather, natural gas prices took advantage by gaining 1.9 cents. The February contract on the New York Mercantile Exchange settled at $2.158 per million British thermal units.


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