Energy Prices Fall After Inventory News
MARKETSCOPE : Energy prices fell on Thursday, after news of rising natural-gas inventories eased fears about the fuel supply.
December West Texas Intermediate crude oil fell $1.48 to $56.40. December natural gas fell 38.7 cents to $11.942, and December heating oil dropped 3.22 cents to $1.697. Unleaded gas fell 2 cents to $1.463.
The Energy Information Administration reported that working natural gas in storage rose 53 billion cubic feet (Bcf) to 3,282 Bcf in the week ended Nov. 11. Stocks were 40 Bcf less than last year at this time and 179 Bcf above the 5-year average of 3,103 Bcf. East Region stocks rose 28 Bcf, putting it 86 Bcf above the 5-year average. Producing Region stocks rose 21 Bcf, putting them 36 Bcf above the 5-year average of 857 Bcf. West Region stocks rose 4 Bcf, putting them 57 Bcf above the 5-year average.