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Tuesday 02nd of December 2008
November 16, 2006

US natural gas inventories up by 5 billion cubic feet


by Elaine Frei

Crude oil prices were lower on Thursday, with Brent crude down 77 cents to $59.84 per barrel. Meanwhile, December contracts for West Texas Intermediate crude was $1.08 lower to $57.68 per barrel. With December contracts expiring at the end of the trading session, January WTI traded in higher volumes and dropped 80 cents to $59.92 per barrel.

Meanwhile, the Energy Information Administration issued a report showing that natural gas stockpiles were up by 5 billion cubic feet last week. The announcement sent Nymex Henry Hub natural gas 25 cents lower to $7.867 per million British thermal units.

In the metals markets on Thursday, gold was slightly higher to $623.00 per troy ounce.

Base metals were mixed, with copper 1.6 percent lower to $6,800 per tonne on a report from Bloomsbury Mineral Economics that predicted that the refined copper market would run a surplus of 45,000 tonnes in 2007; its previous forecast had put copper at a deficit of 130,000 for next year. On the other hand, zinc added 0.7 percent to $4,220 per tonne on a report of a higher supply deficit this year than last from the International Lead and Zinc Study Group. The group reported that global demand was up by 4 percent and consumption in China has risen by 7 percent.

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