Energy Prices Rise After Inventory News
MARKETSCOPE : Energy prices rose on Wednesday after news about inventories, which showed falling supplies of crude oil and gasoline.
December West Texas Intermediate crude oil rose 90 cents to $57.88, after the Department of Energy said crude oil stocks fell 2.2 million barrels in the week ended Nov. 11. The American Petroleum Institute said they fell 3,860,000. The DOE also said crude oil imports averaged 9.7 million barrels per day last week, down 884,000 barrels per day from the previous week.
December heating oil futures rose 4.83 cents to 172.92 cents, after the DOE said distillates rose 2.6 million and API said they rose 2.6 million. Despite the recent building, distillate fuel inventories are still in the lower half of their average range for this time of year.
December gasoline futures rose 2.66 cents to 148.30 cents, after the DOE said stocks fell 900,000 barrels and API said they fell 1,730,000. Gasoline production increased to an average of nearly 8.8 million barrels per day, while distillate fuel production averaged 3.8 million barrels per day.