MW: Crude-oil futures remain lower after jobless report
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures were lower Thursday, resuming trading under $90 a barrel and keeping losses their after the Labor Department reported a rise in jobless claims.
Crude oil for February delivery (CLG11 89.13, -1.17, -1.30%) declined 92 cents, or 1%, to $89.36 a barrel on the New York Mercantile Exchange.
Natural-gas futures for February delivery (NGG11 4.50, +0.02, +0.51%) added 7 cents, or 1.5%, to $4.54 per million British thermal units.
The number of U.S. workers filing for jobless claims rose last week by 18,000 to 409,000, although that keeps the level of claims still lower from six months ago. Read more about the report on jobless benefits
Investors are waiting to hear official Department of Energy word on natural gas inventories Thursday. The Energy Information Administration is scheduled to release its weekly report at 10:30 Eastern.
Analysts polled by Platts expect the report to show a decline of 127 to 131 billion cubic feet for the week ended Dec. 31.
“Milder weather and lower holiday-week demand will keep withdrawals in check for the next two announcements,” said Kent Bayazitoglu, an analyst at Gelber & Associates, in a statement released by Platts. “However, next week’s arctic blast will dramatically increase withdrawal amounts for the latter half of January.”
February gasoline (RBG11 2.45, +0.06, +2.43%) added 3 cents, or 1.2%, to $2.47 per gallon.
