Market watch, Nov. 1

International future markets apparently were no longer spooked Tuesday by OPEC's latest production increase, although prices declined slightly overall. The American Petroleum Institute reported US distillate fuel stocks increased while crude and gasoline inventories declined.


International future markets apparently were no longer spooked Tuesday by the Organization of Petroleum Exporting Countries' latest production increase, although prices declined slightly overall.

After the markets closed, the American Petroleum Institute reported US distillate fuel stocks, including home heating oil, increased again last week prior to the start of winter demand in November. However, inventories for crude oil and unleaded gasoline decreased.

The December contract for benchmark US light, sweet crude lost 11� to $32.70/bbl, while the January contract was down 8� to $31.55/bbl on the New York Mercantile Exchange.

Home heating oil for November delivery dropped 2.23� to 94.1�/gal on the NYMEX. Unleaded gasoline for the same month declined 1.76� to 93.6�/gal. The December contract for natural gas was unchanged at $4.49/Mcf.

In London on the International Petroleum Exchange, the December contract for North Sea Brent crude lost 38� to $30.76/bbl. Natural gas for December was up 3� to the equivalent of $3.94/Mcf.

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