After tagging a record closing high yesterday, and rallying to a new all-time high above $96 per barrel in after hours trading last night, crude-oil futures retreated today. The December contract closed down $1.04, or 1.1%, at $93.49 per barrel, as the dollar rebounded against the euro and crude investors took recent profits off the table.
Elsewhere in commodities, U.S. natural gas supplies rose to 3,509 billion cubic feet during the last week, up 66 billion cubic feet according to the Energy Information Administration. Stocks were 56 billion cubic feet higher than last year at this time, and 272 billion cubic feet above the five-year average of 3,237 billion cubic feet.
Against this backdrop, the Select Sector SPDR Energy Fund (XLE) is lower by 1.46%, and the AMEX Natural Gas Index (XNG) has lost 0.61%.