OPEC’s oil supply jumped to its highest in almost two years in September, a Reuters survey stated, due to further recovery in Libya and higher output from Saudi Arabia and other Gulf producers in the face of sub-$100 per barrel oil prices. Oil options traders rushed to protect themselves against a deeper slump in global crude oil
Gasoline supplies decreased 1.84 million barrels to 208.5 million, the lowest level since November 2012, official data show. Stockpiles of distillate fuel, a category that includes diesel and heating oil, slipped 2.89 million barrels to 125.7 million. Gasoline increased 1.24 cents, or 0.5 percent, to settle at $2.4497. Gasoline pump prices were unchanged at $3.333 a gallon nationwide yesterday, the lowest level since February, according to AAA, the largest U.S. motoring group.
Natural gas gained 4 points after taking a huge plunge on Wednesday. Natural gas is trading at 4.033 after traders sold off amass to book profits ahead of this week’s inventory release and a change in the weather forecast. U.S. natural gas futures stopped a four-day climb and fell almost 1 percent on Tuesday with changes in weather forecasts now calling for less cold temperatures and lower heating demand over the next two weeks.