Crude prices hit new low for the year

The December contract for benchmark US light, sweet crudes plunged to $56.26/bbl, the lowest close for a front-month contract since Nov. 18, 2005, on the New York Mercantile Exchange after the Energy Information Administration reported the injection of 5 bcf of gas into US underground storage during the week ended Nov. 10.That injection figure was at the low end of consensus expectations among Wall Street analysts. It compared with a withdrawal of 7 bcf the previous week and the injection of 51 bcf during the same period in 2005. US gas storage was then at 3.45 tcf, up by 176 bcf from year-ago levels and 238 bcf above the 5-year average.It also was the first increase in US winter gas supp...

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