October oil futures continued their decline Thursday as Enbridge Energy prepared to return Line 6A of its Lakehead pipeline system back to service and new government data indicated weaker demand for oil and gas.
Enbridge's major pipeline, which can carry 670,000 barrels of crude a day, is scheduled to return to service Friday after a week-long
Government reports also contributed to Thursday's decrease in oil prices. According to The Federal Reserve Bank of Philadelphia,
Light, sweet crude settled at $74.57, down $1.45 a barrel. Oil for October delivery peaked at $75.99 and bottomed out at $ 74.11
Meanwhile, natural gas prices rose for the fifth consecutive day, settling at $4.07 per thousand cubic feet. Gas stockpiles increased by
Analysts do not expect tropical storm activity to have any significance on oil and gas prices.
The intraday range for natural gas was $3.85 to $4.14.
Front-month gasoline futures settled at $1.92 per gallon. Gasoline fluctuated from $1.90 to $1.95 Thursday.
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