Oil and gas prices appear to have found a floor for now after days of downward momentum spurred by disappointing economic news.
A MarketWatch report laid out the day’s energy futures results, with natural gas down 4.2 percent to settle at $3.87 per million British thermal units, while gasoline for September was up by one cent, or 0.8 percent[,] to settle at $1.86 per gallon. The financial news provider noted that crude oil was up by a 1.2 percent margin in Wednesday’s trading.
For investors, the oil and gasoline gains are not particularly impressive at first glance. However, they represent a halt, at least for now, in the slide that energy futures and other commodities have experienced in recent days.
In fact, on Tuesday a Washington Post report noted that gasoline prices had fallen to their lowest level in eight years.
Energy prices are likely to start experiencing some upward momentum assuming that more favorable economic data is reported in the coming days. However, Labor Day is less than a week away, which will mark the end of the summer driving season and the typically elevated gasoline prices that come with it.
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