WTI gains on drop in crude inventories

Crude oil prices were higher after the US Energy Information Administration reported that crude oil inventories in the US dropped by 1.7 million barrels in the week ending 5 October, to 320.1 million barrels in storage.

Gasoline stockpiles grew by 1.7 million barrels but distillates, including heating oil and diesel fuel, was inventories drop by 600,000 barrels over the week.

Natural gas stockpiles gained 73 billion cubic feet to around 3.34 trillion cubic feet last week to approximately 7.6 percent above the five-year average of 3.10 trillion cubic feet for this time of year.

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.