Oil-rig reductions suggest a decline of more than 250,000 bpd in U.S.
crude production between the second and fourth quarters of this year, Futures
for crude oil sank to the lowest level in more than
a week as US inventories expanded more than was expected
by market participants. The Energy Information Administration reported that stockpiles swelled by 7.6
million barrels last week from the week before to 468.6 million. It
was the biggest gain since April. Experts had predicted much smaller
increase by 2.2 million. November futures for delivery of WTI
crude oil sank 3.02 percent to $45.23 per barrel as of 22:08 GMT
on NYMEXtoday. Contract for Brent crude dropped 0.9 percent
to $48.71 per barrel on ICE.
Supply data from
the EIA was bearish for natural gas as well. It showed
an increase of reserves by 100 billion cubic feet last week. It
exceeded both the previous weeks gain by 95 billion
and the consensus specialists’ forecast of a 92 billion
rise. November natural gas slid by 2.66 percent to $2.45 per million
British thermal units on NYMEX today.
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