WTI, Brent each add over $2 per barrel

Crude oil prices were higher on Thursday after news that inventories at a key delivery depot for West Texas Intermediate crude were lower and on worries that a new tropical storm set to hit Mexico could cause problems for oil producers.

November contracts for WTI were up $2.56 to $82.86 per barrel on the New York Mercantile Exchange, while Brent crude for November delivery added $2.58 to $80.01 per barrel on the Intercontinental Exchange in London.

Nymex October gasoline was 7 cents higher to $2.10 per gallon, while November heating oil was also up 7 cents to $2.27 per gallon.

Nymex natural gas futures for November delivery dropped 14 cents lower to $6.91 per million British thermal units after the US Energy Information Administration reported that natural gas in storage had added 74 billion cubic feet to 3.24 trillion cubic feet in the week ending 21 September, below last year’s levels but well ahead of the five-year average.

Metals prices were higher Thursday as the US dollar again fell to a record low versus the euro, the sixth trading day in a row that the greenback reached a new low against the shared currency.

January platinum jumped $12.50 to $1,373 per troy ounce, a new record high, while December gold added $4.40 in New York to $739.90 per troy ounce and December silver gained 10 cents to $13.65 per troy ounce.

Among base metals, copper added 3 cents to $3.65 per pound in New York, while it gained $80 on the London Metal Exchange to $8,020 per tonne, or $3.64 per pound.

Elsewhere, lead was down by 1.2 percent in London to $3,402 per tonne after equaling its record high earlier in the session.

Among agricultural commodities, December corn on the Chicago Board of Trade added 11.75 cents to $3.87 per bushel on increased overseas demand as wheat prices remained high.

December wheat on CBOT added 15.75 cents to $9.33 per bushel as the International Grains Council cut its global production forecast by 6 million tonnes.

A bushel of wheat was nearly $5.50 more expensive than a bushel of corn on the session in Chicago.

November CBOT soybeans were also higher, adding 18.25 cents to $10.09 per bushel.

Story link: WTI, Brent each add over $2 per barrel