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Oil, Gas Prices Rally As EIA Report Weighs -

Sep, 11th 03:21

Oil futures on Thursday recouped losses from a day earlier as expectations for further declines in U.S. production helped offset a bigger-than-expected weekly increase in domestic crude supplies.

Natural-gas prices also finished higher after separate data showed an increase in natural-gas inventories that was below market expectations.

October West Texas Intermediate crude tacked on $1.77, or 4%, to settle at $45.92 a barrel on the New York Mercantile Exchange after dropping $1.79, or 3.9%, a day earlier. Oil prices had pared some of their earlier gains in the wake of the supply data, before pushing toward session highs again.

Brent crude rose $1.31, or 2.8%, to $48.89 a barrel on London’s ICE Futures exchange.

On Thursday, the EIA reported an increase of 2.6 million barrels in crude supplies for the week ended Sept. 4. Analysts polled by Platts forecast a crude-stock climb of 300,000 barrels, while the American Petroleum Institute Wednesday said supplies gained by 2.1 million barrels, according to sources.

On Nymex, October gasoline settled up 3.4 cents, or 2.5%, at $1.394 a gallon, while October heating oil tacked on 3.6 cents, or 2.4%, to $1.575 a gallon.

Meanwhile, natural-gas prices added to earlier gains after the EIA reported that supplies of the commodity rose by 68 billion cubic feet for the week ended Sept. 4. Analysts polled by Platts forecast a climb of between 72 billion cubic feet and 76 billion cubic feet.

October natural gas ended at $2.683 per million British thermal units, up 3.2 cents, or 1.2%.

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