Surprise Uptick in Crude Supplies Results in Lower Settlements on Thursday

Oil settlements finished lower on Thursday, extending declines following an unexpected climb in domestic crude supplies, according to Bloomberg MarketWatch.

December West Texas Intermediate crude fell by 19 cents, or 0.3%, to settle at $55.14 a barrel on the New York Mercantile Exchange.

January Brent crude, the global benchmark, dipped lower by 51 cents, or 0.8%, to end trading at $61.36 a barrel on the ICE Futures Europe Exchange.

Natural gas prices on the New York Mercantile Exchange gave up earlier gains to end lower after the EIA reported that domestic supplies of natural gas fell by 18 billion cubic feet for the week ending November 10. That was the first weekly decline since March and it came in above the decline of 14 billion expected by analysts surveyed by S&P Global Platts.

December natural gas lost 0.9% to settle at $3.053 per million British thermal units.

 

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