Crude surged past the $30 a barrel mark on Friday. West Texas Intermediate crude for March delivery on the New York Mercantile Exchange added $2.66 to end trade at $32.19 a barrel. March Brent crude on the London ICE Futures Exchange gained $2.93 to settle at $32.18 a barrel.
While the gains are welcome many of the same indications and conditions that pushed crude prices lower are still in place. Until there is a drawdown of supply and a slowing of production, many analysts believe prices will remain low.
February natural gas didn’t move much on Friday. The New York Mercantile Exchange contract settled at $2.139 per million British thermal units.
