Crude Oil Settles Higher
West Texas Intermediate (WTI) and Brent crude oil futures showed positive momentum Thursday.
The WTI for May delivery gained 24 cents Thursday to settle at an even $64 per barrel. The WTI peaked at $64.16 and bottomed out at $63.46.
The June Brent contract price also finished higher, adding 35 cents to finish the day at $71.97 per barrel.
Mario de la Ossa, energy specialist with Orbital Insight, told Rigzone that worldwide crude inventories continue to rise.
“The global stock overhang increased,” said de la Ossa. “We’re seeing daily volume measurements of global inventories at a 133.8 million-barrel surplus to last year. In the last week, China added 5.2 million in storage, OPEC inventories increased modestly, while U.S. floating modestly drew.”
The price of a gallon of reformulated gasoline (RBOB) also edged upward Thursday. The May RBOB contract settled at $2.07, reflecting a three-cent increase.
Henry Hub natural gas settled lower for the fourth consecutive trading day. May gas futures lost nearly three cents to finish Thursday’s session at $2.49.
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