Market watch, Nov. 16
Energy futures prices continued to rise in trading on the New York Mercantile Exchange Wednesday. Home heating oil and natural gas led the market on concerns about the coming cold winter and low domestic supplies of home heating oil and natural gas.
Energy futures prices continued to rise in trading on the New York Mercantile Exchange Wednesday.
The December contract for benchmark light, sweet crude rose 71� to $35.58/bbl, while the January contract rose $1.03 to $34.99/bbl.
Refined petroleum products also closed higher on the NYMEX, with December home heating oil rising 2.30� to settle at $1.0771/gal, while unleaded gasoline for the same month rose 2.71� to rest at 91.94�.
NYMEX natural gas for December delivery rose by 24.9� to end at $6.27/Mcf.
Home heating oil and natural gas led the market on concerns about the coming cold winter and low supplies of the fuels.
The American Petroleum Institute reported Tuesday that the nation's home heating oil stocks had declined by 55,000 bbl during the previous week. Meanwhile, the American Gas Association issued a bullish stock report for natural gas.
As both the fuels are used for heating, they rose during the trading session.
However, in after-hours electronic access trading in New York, light, sweet crude was fetching $35.45/bbl for the December position and $34.85 for the January contract, both down from the NYMEX close.
Meanwhile, in London Wednesday, North Sea Brent crude oil futures soared on the International Petroleum Exchange, with an accelerated rally in the afternoon after NYMEX floor trading resumed.
The rise followed the release of an API report showing lower than expected commodity stocks. Brokers had expected a substantial rise in the inventories of both crude and heating oil.
On Wednesday, IPE December Brent futures, which expired at the close of trading, settled at $33.90/bbl, up by $1.21 from the previous close. The day's high was $34 and the low $32.80. Also on the IPE, the December natural gas contract was up 11� at $4.28.
On the Singapore Exchange, the January contract for Brent crude oil finished at $33.17/bbl, up from Wednesday's $32.15. The February position stood at $32.20/bbl.
The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $32.36/bbl Wednesday, compared with $31.85 the previous day.