Crude oil futures prices jumped by more than $1/bbl on the New York market on Nov. 6 following the release of a weekly US government inventory that showed declining gasoline inventories, which implies strengthening fuel demand.
The Energy Information Administration said US gasoline stockpiles dropped 3.755 million bbl for the week ended Nov. 1 while diesel and heating oil inventories fell by 4.9 million bbl.
EIA said US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.6 million bbl for the week ended Nov. 1 compared with the previous week (OGJ Online, Nov. 6, 2013).
Separately, the American Petroleum Institute reported an estimated 871,000 bbl increase in crude supplies.
On Nov. 7, EIA released its natural gas in underground storage report for the week ended Nov. 1, saying it estimated 3.8 tcf, which was a net increase of 35 bcf from the previous week. Stocks were 112 bcf less than last year at this time and 57 bcf above the 5-year average of 3.757 tcf.
Heating oil for December delivery gained 0.5¢ to a rounded $2.87/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for December delivery was up 3.19¢ to a rounded $2.55/gal.
The December natural gas contract on NYMEX gained 3.19¢, settling at $3.50/MMbtu. On the US spot market, the gas price at Henry Hub, La., was a rounded $3.47/MMbtu, an increase of 10.6¢ from Nov. 5.
In London, the December ICE contract for Brent crude oil declined 9¢ to settle at $105.24/bbl. The January 2014 contract climbed 7¢, settling at $105.35/bbl. The November contract for ICE gas oil gained $2 to $905/tonne.
The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes was $103.82/bbl on Nov. 6, down 1¢.