ENERGY RECAP FOR Wednesday, December 7, 11
Crude Oil … -.73 100.55
Natural Gas… -.058 3.429
Gasoline… +.0602 2.0602
Brent Crude… -1.31 109.50
Prices as of 17:29
Today at the World Petroleum Congress, OPEC Secretary General Abdulla Salem El Badri said that the world has plenty of crude oil supplies and part of the blame for such high oil prices was speculators in the market. Oil company executives at the event said that they foresee large supply of both oil and natural gas in the future.
The U.S.government EIA report showed increased stockpiles of 1.34 million barrels to 336.1 million from last week and imports were at a 10-week high. Combined with news out of the EU of a high-level German official expressing serious doubts about a debt crisis agreement, Oil futures fell in trading.
What To Look for Tomorrow
- Any more news out of the European Union, the day before a pivotal Friday summit, is sure to impact oil prices.
- Tomorrow the EIA releases their gas storage report.