By OGJ editors
HOUSTON, Nov. 10 -- Energy futures prices were up across the board Nov. 9 in New York as natural gas reached its highest price in more than 3 months and the crude price settled at its highest level in 2 weeks.
Analysts attributed the gas price gain to the US Energy Information Administration's reporting storage levels fell more last week than had been expected.
The EIA reported a 7 bcf withdrawal from gas storage for the week ended Nov. 2 after a 9 bcf injection the previous week. Total underground gas storage was 3.4 tcf vs. 3.3 tcf for the same time last year.
EIA statistics for the same week last year show an injection of 61 bcf. The 5-year average for the week is an injection of 24 bcf.
"The year-over-year storage surplus fell to 216 bcf vs. a 284 bcf surplus in the prior week and a 406 (bcf) surplus as of Oct. 6," said Ronald J. Barone, UBS Securities LLC analyst in New York. "Given overall market dynamics so far this week, we estimate the EIA to report a 5 bcf injection next week."
Energy prices
The December contract for benchmark US sweet, light crudes increased by $1.33¢ to $61.16/bbl Nov. 9 on the New York Mercantile Exchange. The January contract gained $1.51 to $63.06/bbl. On the US spot market, West Texas Intermediate was up by $2.33 to $61.17/bbl.
Unleaded gasoline for December delivery escalated by 3.74¢ to $1.60/gal. Heating oil for the same month gained 3.50¢ to $1.7456/gal.
The December natural gas contract climbed by 1.32¢ to $7.95/MMbtu on NYMEX. On the US spot market, natural gas at Henry Hub, La., dropped by 4¢ to $7.38/MMbtu.
In London, the December IPE contract for North Sea Brent gained $1.73 to $61.32/bbl. The November gas oil contract increased by $5.50 to $542.75/tonne.
The average price for OPEC's basket of 11 benchmark crudes gained 23¢ to $56.41/bbl Nov. 9.
