Oil Prices Fall As Dennis Loses Energy
July 11, 2005
Crude oil prices fell Monday after it became clear Hurricane Dennis would not disrupt Gulf of Mexico production.
Crude futures for August delivery traded at $58.60 a barrel on the New York Mercantile Exchange, down $1.03, or 1.7 percent. It traded as low as $58.40 earlier, its lowest intraday level since July 1.
Dennis had threatened to affect Gulf production as Cindy had, but that fear was not borne out.
Product prices followed crude down: Unleaded gas for August delivery fell 2.29 cents to $1.74 a gallon; and August heating oil fell 2.81 cents to $1.69 a gallon. August natural gas fell by 11.2 cents to $7.36 per million British thermal units, a standard volumetric measure of the commodity.