Crude oil is at its lowest prices in a week, notes Bloomberg, following weaker than expected jobs data this morning, with the Nymex reporting Light Sweet Crude contracts for delivery in August falling 2.64 to o 66.67 per barrel. September and further out contracts are still above $70.
Meantime, natural gas slumped 65 cents to 3.73 on contracts for delivery in August as the Department of Energy’s Energy Information Association reported this morning that stockpiles of natural gas last week rose 70 billion cubic feet to 1,289 billion cubic feet. That represents a 16% increase from the year earlier period and a 9.5% rise above the five-year average.
Both the U.S. Natural Gas ETF (UNG) and the U.S. Oil ETF (USO) were down sharply this morning, the former falling 10 cents, or .7%, to $13.57, the latter falling t$1.27, or 3.4%, to $36.21.
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