Light, sweet November crude settled higher Thursday after gasoline futures rose on news of a major refinery shutdown. Positive reports
Front-month oil prices increased 47 cents, settling at $75.18 a barrel on the New York Mercantile Exchange. ConocoPhillips halted operations at a New Jersey refinery to install new equipment. The refinery, which processes 238,000 barrels a day, is expected to restart Nov. 4. Analysts claim the refinery shutdown pressured gasoline prices but are unsure of its future effect.
The Conference Board reported an increase in its index of leading economic indicators--the most since May. Additionally, the National
The intraday range for oil was $73.58 to $75.61 on Thursday.
Natural gas for November delivery also rose Thursday, hitting the $4 mark for the first time this week. Henry Hub natural gas settled at
The National Hurricane Center reported at 1:30 P.M. central time that the weather system had become a tropical depression. As of now, it is unclear if it will make its way to the Gulf of Mexico, the biggest oil-producing region in the U.S.
Natural gas inventories grew by 73 billion cubic feet (bcf), according to the Energy Information Agency (EIA). Inventories remain above the five-year average with 3.340 trillion cubic feet of natural gas in storage for the week ended Sept. 17.
Natural gas fluctuated from $3.97 to $4.13.
RBOB gasoline rallied Thursday, increasing 1.60 cents to settle at $1.92 a gallon. Gasoline peaked at $1.93, while bottoming out at
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