WTI down 20 cents near close of session

After going higher than $77 per barrel early on Thursday, the price of West Texas Intermediate crude for October delivery was down 20 cents from Wednesday’s close at $75.53 per barrel on the New York Mercantile exchange near the close of floor trade Thursday afternoon.

Nymex December gasoline was 2 cents higher to $1.96 per gallon, while October heating oil added 1 cent to $2.11 per gallon.

The price for October natural gas fell 11 cents to $5.70 per million British thermal units.

The US Energy Information Administration said that crude oil inventories were down by 3.9 million barrels in the week ending 31 August, while gasoline stockpiles fell 1.5 million barrels and distillates inventories rose by 2.3 million barrels.

The early gains came after Syria fired on an Israeli aircraft that it said had violated its airspace as well as on warnings about possible terrorist activity in Nigeria.

The price of December wheat dropped 7.75 cents to $8.28 on the Chicago Board of Trade on the possibility that livestock producers will look for cheaper ways to feed their animals, but the decline came only after the price reached a new record high of $8.49 per bushel.

December coffee on the New York Board of Trade added 0.75 cent to $1.168 per pound in early afternoon trade on fears that too little rain in Brazil could leave global supplies short of demand.

Also on the NYBOT, December cocoa added $43 to $1,847 per tonne on the possibility that Ivory Coast growers could block deliveries and on the threat of a reduced crop due to black-pod rot.

Metals prices were higher in New York on Thursday.

December gold breached the $700 level, adding $13.90 in afternoon trade to $704.60 per troy ounce, while December silver was 18 cents higher to $12.53 per troy ounce, while October palladium gained $15.90 per troy ounce as it continued its gains on higher demand.

Earlier in mid-morning trade, December palladium was $1.80 higher to $338.65 per troy ounce, also due to increased demand.

In base metals, December copper had added 4 cents to $3.30 per pound in New York after early declines, while three-month copper in London was $140 higher to $7,300 per tonne, or $3.31 per pound.

Story link: WTI down 20 cents near close of session