Inventories report sends crude oil higher

Crude oil prices were higher after the US Energy Information Administration reported that crude oil and distillates inventories were lower in the week ending 5 October, while distillates and natural gas stockpiles declined on the week.

West Texas Intermediate for November delivery was $1.80 higher to $83.10 per barrel on the New York Mercantile Exchange, while November gasoline added 3 cents to $2.07 per gallon and heating oil was up 4 cents to $2.28 per gallon.

November natural gas dropped 14 cents to $6.88 per 1,000 cubic feet on the gain in inventories.

Precious metals prices were higher in New York after the US dollar again declined.

December gold was $10.70 higher to $756.70 per troy ounce as investors looked for secure places to put their money, while December silver added 32 cents to $13.99 per troy ounce, while January platinum jumped $22.40 to $1,420.40 per troy ounce.

Meanwhile among base metals, December copper fell 3 cents to $3.67 per pound in New York, while it was up $40 to $8,220 per tonne, or $3.73 per pound on the London Metal Exchange during the day.

Earlier in the London session, nickel added $730 to $32,225 per tonne even as stockpiles while tin was up $50 to $16,050 per tonne, zinc was $36 higher to $3,101 per tonne, and aluminium gained $7 to $2,473 per tonne.

Lead was $25 lower to $3,865 per tonne.

Wheat prices were higher again as December wheat on the Chicago Board of Trade gained its maximum allowed 30 cents to $8.83 per bushel as export demand increased on new orders from Iraq and Japan.

November soybeans were also higher, adding 13.25 cents to $9.815 per bushel.

On the other hand, December CBOT corn was 3.5 cents lower to $3.4375 per bushel on the possibility that the US Department of Agriculture will increase its estimate of this year’s crop by 1 percent from its September forecast.

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