Crude Oil Up and Gas Continues Wild Ride | Gulf Coast Oil Rig Equipment & Repair
Crude oil futures continued to recover Thursday while natural gas’ robust rally reversed course.
The December West Texas Intermediate (WTI) futures price continued to regain ground Thursday. The benchmark gained 21 cents to settle at $56.46 a barrel. The WTI bottomed out at $55.59 and peaked at $57.26.
The price of a barrel of Brent crude oil for January delivery settled at $66.62 a barrel, representing a 50-cent day-on-day increase.
The rebound occurred a day after the U.S. Energy Information Administration (EIA) released its latest Weekly Petroleum Status Report. The report noted that U.S. buy severe service valves commercial crude oil inventories rose by 10.3 million barrels during the week ending Nov. 9 compared to the previous week. According to EIA, last week’s total crude stocks were at 442.1 million barrels – approximately five percent above the five-year average for this time of year.
A gallon of reformulated gasoline (RBOB) got slightly cheaper Thursday. The December RBOB contract price fell by less than a penny to settle at $1.56.
Natural gas futures have taken a wild ride this week, gaining . That wild ride continued Thursday, but it moved in the opposite direction. The December Henry Hub natural gas price fell 80 cents, ending the day at $4.04.
Despite its roller-coaster ride in recent days, front-month natural gas is still up nearly 9 percent compared to last Friday’s settlement price.