WTI in yet another record high

Crude oil prices jumped on Wednesday after the US Energy Information Administration reported that inventories dropped in the week ending 26 October.

The EIA said that crude oil stockpiles fell by 3.9 million barrels over the week to 312.7 million barrels, while gasoline inventories were up by 1.3 million barrels to 195.1 million barrels and distillates in storage were up by 800,000 barrels to 135.3 million barrels.

The decline in crude inventories came as a surprise to analysts, who had expected stocks to rise by 100,000 barrels.

West Texas Intermediate crude December contracts added $4.15 to $94.53 per barrel, a new closing record, after going as high as $94.74 per barrel during the session for a new all-time high as well.

Nymex December gasoline added 9 cents to $2.34 per gallon, while December heating oil was also up 9 cents, to $2.53 per gallon.

December natural gas jumped 31 cents to $8.33 per million British thermal units.