By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures veered between small gains and losses Thursday, as U.S. jobless claims data pointed to a still-ailing labor market, but investors held out hope the Federal Reserve’s readying steps to help the economy.
Investors also awaited official word on inventories for crude oil and natural gas, with the oil data coming out a day delayed due to the Labor Day holiday. Traders expect a drawdown in stockpiles, as indicated by a trade group’s stockpiles report late Wednesday.
Crude for October delivery CL1V +0.25% rose 42 cents, or 0.5%, to $89.75 a barrel on the New York Mercantile Exchange.
Fed chief Ben Bernanke is scheduled to speak at 1:30 p.m. Eastern. Investors weighed whether he’d take the opportunity to set out what the central bank can do to revive the economy ahead of a key two-day policy meeting starting Sept. 20.
Earlier Thursday, the European Central Bank kept its key lending rate unchanged, as expected, and its president, Jean-Claude Trichet, lowered the euro zone’s growth forecast.
First-time jobless claims rose slightly to 414,000 last week, the U.S. government reported, above analysts’ expectations.
Also trading higher, natural gas for October delivery NG11V +0.48% added 2 cents, or 0.5%, to $3.96 per million British thermal units.
The Energy Information Administration is scheduled to report on natural-gas inventories at 10:30 a.m. Eastern, on its regular schedule.
Analysts polled by Platts expect the report to show a net increase between 58 billion and 62 billion cubic feet.
The EIA’s then slated to report on crude-oil inventories at 11 a.m. Eastern.
Analysts polled by Platts expect the data to show crude stockpiles down 1.7 million barrels, while gasoline supplies are seen down 900,000 barrels on the week. Distillates inventories are expected to rise 600,000 barrels.
