Crude oil futures dropped lower on Thursday after a record rise in stockpiles continued to wreak havoc on the market, according to Bloomberg MarketWatch.
“We are getting EIA hangover,” said Phil Flynn, senior market analyst at Price Futures Group, referring to the supply data.
On the New York Mercantile Exchange, December West Texas Intermediate crude lost 68 cents, or 1.5%, to settle at $44.46 a barrel, marking the lowest since September 23.
January Brent crude, the global benchmark, fell by 51 cents, or 1.1%, to end trading at $46.35 a barrel on the London ICE Futures Exchange. Thursday’s Brent crude settlement marked the lowest finish since September 20.
Meanwhile, December natural gas fell 2.3 cents, or 0.8%, to end trading at $2.769 per million British thermal units on the New York Mercantile Exchange.