Energy Prices Down After Inventory News
MARKETSCOPE : Energy prices fell on Wednesday after news about inventories.
December West Texas Intermediate crude oil fell 10 cents to $59.75, December heating oil fell 2.21 cents to 178.29 cents, and December gasoline futures fell 3.45 cents to 156.91 cents.
The Department of Energy said builds in crude and gasoline in the week ended Oct. 28 are in line with expectations, but they add to the cushion against potential later shortfalls. The distillate draw was less than expected and four-week average demand was 5.2% less than a year ago. PetroLogistics says Organization of Petroleum Exporting Countries crude oil production averaged 30.3 million barrels per day during October, or about the same as in September. The output from Iran was seen higher, offsetting a slight decline in Iraqi production.
December natural gas fell 26 cents to $11.60.