Crude futures lost some ground today as commodities traders took some profits off the table after black gold hit record highs this week. While the October crude contract finished 3% higher for the week, it closed 99 cents lower today, settling at $79.10 per barrel after touching an intraday low of $78.75. One energy analyst was quoted on the Dow Jones newswires calling Friday a needed pullback but noting the potential to go to $85.
October heating oil edged 1.12 cents lower, meanwhile, closing the session at $2.219 a gallon, and front-month gasoline futures dropped 1 cent to $2.0364. Natural gas snapped back into positive territory today after Hurricane Ingrid strengthened in the Atlantic, swirling hundreds of miles east of Barbados. The October contract rose 13.6 cents to settle at $6.279 per million British thermal units.