NYMEX contract sell-off halted by US dollar; Analyst warns of natural gas price distortion

摘要

New York-New York Mercantile Exchange July crude futures settled 64 cents lower June 12 at $72.04/barrel with a steeper sell-off earlier in the session abruptly halted by a pullback in the US dollar. The US dollar index on ICE soared ahead of this weekend's G8 meeting of finance ministers, trading as a high as 80.517, up 116 points, with traders possibly squaring up dollar shorts. The dollar was up 81.6 points at 80.226 at the time NYMEX open outcry closed.