By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures fell 2% on Thursday, cooling off for a second straight day as the day’s U.S. trade and jobless data provided no traction for prices and a weekly government inventories report showed an unexpected increase.
Crude for November delivery CL1X -1.78% dropped $1.74 to $83.84 a barrel on the New York Mercantile Exchange.
The Energy Information Administration reported an increase of 1.3 million barrels of crude for the week ended Oct. 7.
Analysts polled by Platts had expected a decline of 300,000 barrels.
The EIA also reported gasoline stockpiles declined 4.1 million barrels, and supplies of distillates dropped 2.9 million barrels.
The analysts surveyed by Platts had expected gasoline stocks to rise 100,000 barrels, and distillates stocks to decline 600,000 barrels.
The positive aspects of the report for energy products put a floor on prices, however. Futures for heating oil, a distillate, turned higher, and gasoline futures pared losses.
November gasoline RB1X -0.39% declined 2 cents, or 0.6%, to $2.73 a gallon. November heating oil HO1X +0.52% added 1 cent, or 0.4%, to $2.95 a gallon.
Oil inventory figures were delayed by a day because of Columbus Day.
Natural gas also turned higher Thursday. The commodity had moved lower after its own government supply report showed an increase above expectations.
The EIA reported an increase of 112 billion cubic feet in the nation’s reserves of natural gas for the week ended Oct. 7. Analysts polled by Platts had expected an increase between 104 bcf and 108 bcf.
Natural gas for November delivery NG11X +1.40% added 3 cents, or 1%, to $3.52 per million British thermal units.
Earlier Thursday, investors dealt with news the four-week U.S. jobless claims average dropped 7,000 to 408,000. Read more about jobless claims.
The U.S. Aug. trade gap was unchanged at $45.6 billion. See more about the trade deficit.
Oil futures snapped a five-day winning streak in a volatile session Wednesday.
Minutes from the latest Federal Open Market Committee meeting showed Federal Reserve officials concerned that U.S. economic growth would not pick up before the end of the year, casting a pall over hopes for oil demand.
