Higher oil, Higher gas
Crude prices spiked to a yet another trading high, as supply concerns mounted and traders poured in for a last-minute buying binge before June contracts expired. At filling stations across the country, the national average price for a gallon of regular gasoline approached $4, touching $3.80 for the first time.
The June contract for light, sweet crude traded as high as $129.60 on the New York Mercantile Exchange before settling at $129.07, up $2.02. The imminent expiration of that contract, which ended with the close of Tuesday trading, created additional volatility in the market.
In other Nymex trading, heating oil futures rose 9.99 cents to settle at $3.7750 a gallon, while gasoline futures gained 6.78 cents to settle at $3.3044 a gallon. Natural gas futures jumped 41.1 cents to settle at $11.365 per 1,000 cubic feet.
