By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures inched up Thursday, with investors looking at equities for direction after two days of losses.
Crude for January delivery (CLF11 88.31, +0.03, +0.03%) recently added 16 cents, or 0.2%, to $88.43 an ounce on the New York Mercantile Exchange. It earlier traded as low as $88 a barrel and as high as $89.42 a barrel, wavering between small gains and losses before U.S. stock markets opened.
U.S. stock indexes opened higher as jobless claims data came in better than expected, but slipped in midmorning trade. Stocks open with gains
Fewer people applied for jobless benefits last week than the market anticipated. Read more about jobless claims data
Natural-gas futures were lower after a rally of more than 4% in the previous session. The Energy Information Administration is scheduled to release its weekly report on natural-gas inventories later Thursday.
The EIA is expected to show a decline between 82 billion and 86 billion cubic feet last week, according to a Platts survey.
“A draw within those estimates would be larger than the 55-bcf drawdown in the same week of 2009 and the five-year-average of 74 bcf,” said Platts.
Natural gas for January delivery (NGF11 4.59, -0.02, -0.41%) was off 2 cents, or 0.5%, to $4.58 per million British thermal units.
“So far, we have very cold readings across the northern tier of states, stretching down into the middle states. We do not yet have brutally cold readings or snow being forecast for Texas or Florida. Typically, natural gas prices are at their most bullish until we have all three major regions – Northeast, Midwest and the South – all cold,” analysts at Cameron Hanover said in a note to clients earlier Thursday.
January gasoline added 2 cents (RBF11 2.31, +0.00, +0.20%) , or 0.7%, to $2.32 a gallon.
The dollar was also mildly higher, keeping commodities prices in check. The dollar index, which compares the U.S. unit to a basket of six currencies, was up 0.1% to 80.08 from 79.98 in late North American trading Wednesday. Read more about currencies.
