China economic news hits crude oil prices on Thursday. February West Texas Intermediate crude lost 70 cents to end trade at $33.27 a barrel on the New York Mercantile Exchange. February Brent crude slipped 48 cents to settle at $33.75 a barrel on the London ICE Futures Exchange.
China’s stock market instability and more indications its economy is faltering dominated any other news influencing the markets. The signs point to less demand from China at a time when supplies are close to all-time highs.
The U.S. burned through 113 billion cubic feet of national gas last week according to the U.S. Energy Information Administration. That news fueled a rally for February natural gas contracts on the New York Mercantile Exchange added 11.5 cents to settle at $2.382 per million British thermal units.
