Wednesday, August 10, 2011
Rigzone Staff
by Matthew V. Veazey
Light sweet crude oil on the New York Mercantile Exchange rebounded Wednesday after the U.S. Department of Energy reported that inventories fell last week, catching investors off-guard.
The September WTI contract price gained $3.59 to settle at $82.89 a barrel. The Energy Information Administration (EIA) announced that commercial crude stocks declined by 5.2 million barrels last week to 349.8 million barrels. The 1.5-percent week-on-week draw starkly contrasted to the prediction of a Platts survey of analysts: a 1.8 million-barrel build for the period.
Brent futures also surged Wednesday, settling $4.11 higher at $106.68 a barrel. The WTI traded within a range from $79.53 to $82.90. The contract price for Brent fluctuated from $103.47 to $106.55.
EIA also reported Wednesday that reformulated gasoline inventories declined by a larger-than-expected volume last week: 1.6 million barrels. The 213.6 million barrel EIA figure for the week ending August 5, 2011, was 400,000 barrels below what a Platts survey of analysts had projected.
Front-month gasoline gained 11 cents to end the day at $2.78 a gallon. The September contract price peaked at $2.79 and bottomed out at $2.68.
Natural gas for September delivery edged upward by less than a penny to settle at $4.00 per thousand cubic feet. The contract price fluctuated from $3.98 to $4.08.
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