Futures Pros – Crude oil futures rallied for the fourth consecutive day on Wednesday, soaring to a 26-month high, after official data showed that U.S. crude oil inventories fell significantly more-than-expected in the preceding week. On the New York Mercantile Exchange, light sweet crude futures for delivery in February traded at USD 90.48 a barrel during European afternoon trade, jumping 0.78%. It earlier rose to USD 90.78 a barrel, the highest price since October 7, 2008. Earlier in the day, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell significantly more-than-expected in the week ended December 17, decreasing by 5.3 million barrels, after falling by 9.9 million barrels in the preceding week. Analysts had expected U.S. crude oil inventories to fall by 1.1 million barrels in the week ended December 17. According to the data, total U.S. crude oil inventories for the week ending December 17 stood at 340.7 million barrels. The report also showed that total motor gasoline inventories increased by 2.4 million barrels, while stocks of distillate fuels including heating oil and diesel decreased by 0.6 million barrels in the week ended December 17. The data also indicated that demand for crude oil was increasing. Total crude oil products supplied over the last four-week period has averaged 19.7 million barrels per day, up by 4.1% compared to the similar period last year. Elsewhere, natural gas for January delivery tumbled 1.96% to trade at USD 3.997 per million British thermal units during European afternoon trade.

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