Oil prices up, but natural gas declines after inventories

Oil prices were up on Thursday after Wednesday’s US crude oil and petroleum products inventories report and Thursday’s new data on natural gas supplies that showed stockpiles down by 132 billion cubic feet to 1.733 trillion cubic feet, slightly less of a drop than analysts had expected. The new numbers sent natural gas futures down more than 1 cent to $7.287 per 1,000 cubic feet.

Prices for crude oil, however, were above $62 per barrel on equities declines, increased manufacturing in the US, the Iran situation, and a new report from the National Oceanic and Atmospheric Administration that predicts a more active hurricane this coming summer.

Brent crude for April delivery added 59 cents to $62.48 per barrel in London, while West Texas Intermediate crude April contracts were up 50 cents in midday trade on the New York Mercantile Exchange to $62.29 per barrel.

Despite declines in gasoline and natural gas inventories reported on Wednesday, the price of gasoline on Nymex dropped over 1 cent to $1.8851 per gallon, while Nymex April heating oil was more than 2 cents lower to $1.7574 per gallon.