WTI gains at end of session

Crude oil prices were lower for much of the session Thursday, falling as far as $69.83 per barrel in New York trade at one point.

However, by near the end of the floor trade session, October contracts for West Texas Intermediate crude was up 91 cents to $72.34 per barrel on the New York Mercantile Exchange, while at last report Brent crude was still down 25 cents to $71.40 per barrel on the ICE Futures Europe exchange in London.

The volatile prices came as analysts worried about excess crude oil in storage at a time when demand by refiners continues to be low.

Nymex September gasoline was down 2 cents during the session to $1.98 per gallon while October heating oil futures added a cent to $1.89 per gallon.

The US Energy Information Administration said that natural gas stockpiles were up by 54 billion cubic feet last week to 3.26 trillion cubic feet, taking inventories to 18 percent above the five-year average and sending Nymex October natural gas futures down 7 cents to $3.22 per million British thermal units.

Decmeber copper was down a cent to $2.87 per pound in New York trade, while three-month copper was $16 lower to $6,275 per tonne in London.

Other base metals prices were mixed as aluminium added $16 to $1,884 per tonne and tin was up $170 to $13,995 per tonne in London, but zinc fell $15 to $1,831 per tonne, lead was down $40 to $2,010 per tonne and nickel, which is used in the manufacture of steel, dropped $170 to $18,755 per tonne on the session.

Among precious metals, December gold added $1.50 to $947.30 per troy ounce in New York trade and October platinum was up $2.10 to $1,240.50 per troy ounce, but December silver dropped 4 cents to $14.25 per troy ounce.

Grains prices were also mixed as September corn added 2 cents to $3.22 per bushel in Chicago trade and September soybeans were 22 cents higher to $11.13 per bushel, but September wheat dropped 2 cents to $4.76 per bushel.

Story link: WTI gains at end of session