Natural gas prices rose on a rally in natural-gas futures that likely helped crude oil barrel prices pare its losses by the close of business today. Natural-gas prices were up more than 5%, supported by the potential for storm activity in the Gulf of Mexico.
For crude oil, the oil market consensus at the moment considers it "either profit taking or correction, or both," said Charles Perry, chairman of energy-consulting firm Perry Management. "I believe it is a little of both."
"Lots of money has been made [on paper] the last two weeks for those who are long, and they know full well hogs get slaughtered," he said. "So it is time to lock in the profit."
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