Oil, gas prices leap on approach of Hurricane Rita

Futures contracts for natural gas and benchmark US light, sweet crudes registered the biggest 1-day gains ever on Sept. 19 as Hurricane Rita roared into the Gulf of Mexico along much the same path taken 3 weeks earlier by the destructive Hurricane Katrina.The October natural gas contract spiked by $1.52 to a record closing price of $12.66/MMbtu on New York Mercantile Exchange. Crude for the same month escalated by $4.39 to $67.39/bbl. Energy prices retreated Sept. 20, to $66.23/bbl for crude and $12.49/MMbtu for gas, but kept most of the previous session’s gains as the Organization of Petroleum Exporting Countries promised to release its remaining 2 million b/d of spare production c...

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