Futures Movers: Oil prices pare gains as U.S. crude and gasoline supplies post weekly rise
Oil futures pared some of their earlier gains on Thursday after a government report revealed that U.S. crude inventories rose a third straight week and gasoline supplies logged their first climb in seven weeks.
West Texas Intermediate crude futures for December delivery CLZ19, +0.39% rose 27 cents, or 0.5%, to $ 57.39 a barrel on the New York Mercantile Exchange, while January Brent crude BRNF20, +0.67%, the global benchmark, was up 36 cents, or 0.6%, at $ 62.73 a barrel on ICE Futures Europe.
The Energy Information Administration on Thursday reported that U.S. crude supplies rose by 2.2 million barrels for the week ended Nov. 8. The data came out a day later than usual because of Monday’s Veterans Day holiday.
Crude supplies were forecast to increase by 1 million barrels, according to analysts polled by S&P Global Platts. The American Petroleum Institute on Wednesday reported a decline of 541,000 barrels, according to sources.
The EIA data also showed a supply increase of 1.9 million barrels for gasoline, but distillate stocks fell by 2.5 million barrels. The S&P Global Platts survey showed expectations for supply decreases of 1.7 million barrels for gasoline and 1.6 million barrels for distillates.
Gasoline supplies haven’t posted a weekly climb since the week ended Sept. 20, according to EIA data.
On Nymex, December gasoline RBZ19, +0.05% rose 0.1% to $ 1.6388 a gallon, while December heating oil HOZ19, +1.09% was up 1.2% at $ 1.9351 a gallon.
Natural-gas futures held onto the bulk of their earlier gains after the EIA reported Thursday that domestic supplies of natural gas rose by 3 billion cubic feet for the week ended Nov. 8. Analysts expected a build of 7 billion cubic feet, on average, by analysts polled by S&P Global Platts.
December natural gas NGZ19, +1.69% rose 4.2 cents, or 1.6%, to $ 2.642 per million British thermal units.
In other news Thursday, the Organization of the Petroleum Exporting Countries, or OPEC, trimmed its forecast for U.S. crude output growth next year by 33,000 barrels a day to 1.5 million barrels a day. OPEC, in its monthly report, left its forecast for 2019 and 2020 global oil-demand growth unchanged from its October estimates.
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