Oil Down Slightly; Natural Gas Continues to Drop

NEW YORK (AP) -- Oil prices are falling Tuesday as traders take their cue from U.S. stock markets, and investors await the start of the earnings season.

Meanwhile, natural gas prices are dropping again following a report showing production is at record levels.

Benchmark oil fell 29 cents to $92.90 a barrel in New York. The price edged close to $94 a barrel earlier as European stocks gained, but then dropped when U.S. markets opened lower. Alcoa (NYSE: AA  ) posts fourth-quarter results after the markets close, the first of the major companies to announce earnings. Investors are concerned that many will have weak showings in the coming weeks, reflecting the economy's sluggish recovery.

Natural gas fell 5 cents to $3.23 per 1,000 cubic feet, continuing a decline that started around midday Monday when the Energy Department reported that natural gas production rose to a record 73.54 trillion cubic feet a day in October. In addition some analysts lowered their estimates for natural gas prices because of the mild weather that much of the country experienced in November and December.

Oil traders will be monitoring fresh information this week on U.S. supplies of crude and refined products.

Data for the week ending Jan. 4 is expected to show a rise of 1.5 million barrels for crude oil and an increase of 2.6 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill (NYSE: MHFI  ) .

The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration -- the market benchmark -- will be out on Wednesday.

Brent crude, used to price international varieties of oil, rose 14 cents to $111.50 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

  • Wholesale gasoline added 1 cent to $2.79 a gallon.
  • Heating oil rose 3 cents to $3.06 a gallon.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2184657, ~/Articles/ArticleHandler.aspx, 10/23/2014 4:13:06 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 16,664.39 203.07 1.23%
S&P 500 1,950.75 23.64 1.23%
NASD 4,450.64 67.80 1.55%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/23/2014 3:57 PM
AA $16.20 Up +0.08 +0.50%
Alcoa, Inc. CAPS Rating: ****
MHFI $82.80 Up +0.70 +0.85%
McGraw-Hill CAPS Rating: ***

Advertisement