This Week in Commoditieshttp://www.fool.com/investing/international/2008/06/20/this-week-in-commodities.aspx Christopher Barker
June 20, 2008
Fasten your seat belts, Fools. It's been another roller coaster week in the commodities space, and we're climbing aboard for another quick run-through.
Oil prices fell Thursday after China announced that it will raise gasoline prices. The announcement apparently raised some short-lived concern over a potential impact on Chinese demand for oil. Range-bound trading in the $130s remains strongly intact, though. Natural gas, meanwhile continued its ascent and took out the $13 mark this week. Chesapeake Energy (NYSE: CHK ) continued to deliver the good news in announcing a joint venture with Goodrich Petroleum for working interests within the Haynesville Shale of Louisiana, while Precision Drilling Trust (NYSE: PDS ) took its bid for Grey Wolf into hostile territory.
Midwest flooding makes its mark
Coal-mining shares spiked sharply Thursday morning as key coal-carrying east-west rail lines continued to be cut off by the raging rivers. Before profit-taking set in, red-hot Patriot Coal (NYSE: