Brent backs away from $76.50 as Nat Gas slips

Natural Gas prices are lower right now this morning and certainly well down from the high seen on December 30. That said they remain elevated relative to the lows seen around the middle of December. However, the impact of the more than 30% surge in prices right at the end of December remains pretty embedded into the oil markets and that allowed Brent for March delivery to extend the move above $75 per barrel yesterday. Brent reached a high at $76.55 yesterday afternoon and later settled $1.29 higher on the NYMEX exchange, at $75.93. The price action so far today has seen Brent fall back from an earlier Asian session high, at $76.26. The low seen so far has been set at $75.86. Brent is currently trading at $75.93