West Texas Intermediate crude fell to the lowest level in almost six months on rising U.S. stockpiles and production. The spread between WTI and Brent widened to an eight-month high.
Natural gas futures climbed to a five-month high on forecasts for colder weather that would boost demand for the heating fuel and deplete inventories.
West Texas Intermediate oil rose from a five-month low on speculation that demand for crude increased as refineries boosted production after ending seasonal maintenance.
Natural gas futures dropped from a two-week high in New York amid speculation that a government report tomorrow will show a U.S. inventory gain that’s above average for this time of year.
Crude advanced after Iran and six world powers concluded a meeting in Geneva without coming to an agreement on the nation’s nuclear program, tempering projections of a resolution to the dispute that has cut Iranian oil exports.
Brent crude dropped to the lowest level in more than four months as the euro tumbled against the dollar after the European Central Bank unexpectedly cut its benchmark rate to a record low.
West Texas Intermediate crude fell below $95 a barrel for the first time since June on surging U.S. stockpiles and as the dollar gained versus the euro, curbing commodity demand from investors.
Ultra-low-sulfur diesel slid as crude tumbled after the government reported that oil inventories grew the most in a year last week.
Gasoline rose on concern a unit shutdown at Irving Oil Corp.’s refinery in New Brunswick may further reduce U.S. East Coast supplies that fell last week.
Crude options volatility rose as the underlying futures slipped below $95 a barrel for the first time since June.
"We have the weekly inventory reports tomorrow and the Iranian nuclear talks, which resume tomorrow, have been a preoccupation."
- Tim Evans on Nov 19, 2013
Citi Futures’ Evans Discusses Energy Markets
U.S. Railroads, Oil Demand, Technology, Stocks