Wednesday, May 18, 2011
Rigzone Staff
by Matthew V. Veazey
June crude oil settled at $100.10 a barrel Wednesday after a U.S. Department of Energy report showed a slight decrease in oil stocks last week.
The Energy Information Administration (EIA) announced that crude inventories fell by 15,000 barrels as of last Friday, leaving the previous week's 370.3 million-barrel figure virtually flat. Analysts had predicted the inventory level to move in the other direction. A Platts survey of analysts had projected a 500,000-barrel build for the week.
Oil peaked at $100.99 and bottomed out at $97.46 Wednesday.
Thanks to forecast models predicting warmer weather conditions in the Northeast and South, natural gas for June delivery edged upward to settle at $4.20 per thousand cubic feet.
June natural gas traded within a range from $4.18 to $4.24 during the midweek session.
The June gasoline contract price also rose Wednesday, ending the day $2.96 a gallon. Gasoline futures fluctuated from $2.93 to $2.98.
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