Crude Prices Turn Bearish Amid High Industry Inventory Numbers

Crude prices took a bearish turn on Tuesday due to high industry inventory numbers and news that Brazilian oil workers had agreed to return to work. The November West Texas Intermediate (WTI) crude futures fell 7 cents to close at $18.01 per barrel, while November Brent futures followed suit, dropping 8 cents to close at $16.76 per barrel. The American Petroleum Institute data revealed that crude stocks rose by 4.4 million barrels since last month and 3.6 million barrels compared to the same period last year.

Key Takeaways:

Crude prices fell 7 cents to $18.01 per barrel, while Brent futures dropped 8 cents to $16.76 per barrel.
American Petroleum Institute data showed crude stocks up by 4.4 million barrels since last month and 3.6 million barrels compared to the same period last year.
Natural gas futures fell despite record heat in Texas, dropping 0.28 to $1.664/MMBtu.
Major oil companies lowered prices across the board, including unleaded gasoline, No. 2 heating oil, and low-sulfur diesel.
The November No. 2 heating oil contract rose 0.20 to 49.95 cents per gallon, while the December contract rose 0.22 to 50.97 cents per gallon.
The December contract for reformulated gasoline (RFG) edged up 0.13 to 55.12 cents per gallon, leaving a 9.36 cents differential between the November and December contracts.

Statistics:

Crude prices fell 7 cents to $18.01 per barrel.
Brent futures dropped 8 cents to $16.76 per barrel.
American Petroleum Institute data revealed a 4.4 million barrel increase in crude stocks since last month.
Crude stocks rose 3.6 million barrels compared to the same period last year.
Natural gas futures fell 0.28 to $1.664/MMBtu.
Major oil companies lowered unleaded gasoline by 0.06 cents to 52.35 cents per gallon.
No. 2 heating oil prices dropped 0.22 cents to 53.35 cents per gallon.
Low-sulfur diesel prices fell 0.16 cents to 54.59 cents per gallon.

Sources:

American Petroleum Institute