Energy prices seesaw in early March

03/19/2007
Energy prices dipped in profit taking Mar. 2, ending a stretch of consecutive gains over the seven previous trading sessions that pushed the April contract for benchmark US light, sweet crudes to a closing of $62/bbl Mar. 1 on the New York Mercantile Exchange.Such a long stretch of consecutive gains previously had not occurred “since last year early in the summer,” said Olivier Jakob, managing director of Petromatrix GMBH, Zug, Switzerland. Although market fundamentals remained strong with rising demand for gasoline and continued geopolitical concerns about Iran’s nuclear program, a slide in Asian and European equity markets triggered a steeper drop in crude prices Mar. ...
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