NYMEX August crude oil settled 26 cts higher at $27.83/bbl Friday. September Brent settled 20 cts higher at $26.28/bbl. August heating oil settled 4 pts lower at 70.14 cts/gal and August unleaded gasoline settled 51 pts higher at 83.86 cts/gal.
Like the scarecrow in the Wizard of Oz, crude traders couldn't figure out whether the high road or the low road would lead them to Oz. The bears tried the low road in the early part of trading and the bulls tried the high road in the afternoon. The bulls won out in the end, courtesy of the spread traders.
Aug/Sept fluctuated from yesterday's settlement of minus 9 cts to minus 1 ct. With the August contract expiration Monday volatility is to be expected.