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November 6th, 2008

Oil Drops as Low as $60.16 Today



Oil futures finished the day down $4.53, or seven percent, to settle at $60.77. Earlier today futures sank as low as $60.16, down nearly eight percent:

Oil fell “as global recessionary concerns intensified after a sharp slide in global equities,” wrote analysts at Sucden Research in a note.
“Oil prices are more or less tracking the movements of global equity markets at the moment, as market participants view the indices as a gauge for economic conditions and hence as indicators for future oil demand,” they said.
…December natural-gas futures fell 18 cents, or 2%, to $7.08 per million British thermal units in electronic trading on Globex.
Households heating primarily with natural gas are expected to spend an average of $155 (18 percent) more this winter. Nationwide, about 52 percent of all households depend on natural gas as their primary heating fuel. The increase in natural gas expenditures reflects the combined effects of a 17-percent increase in price and 1-percent increase in consumption.
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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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