This update fixes the biggest daily profit increase for natural gas. It was in 2004.
Oil prices were higher on Wednesday as US benchmark crude oil prices closed down for the 12th consecutive decline as weighed heavily on rising oil demand for slower demand.
Natural gas futures, on the other hand, had a remarkable uptrend of about 18% in 14 years as cold weather continued to raise concerns about US emergency supplies.
Reading: Wrongway bets on assets that surged 20% this week boosted the liquidity of the oil
December West Texas Intermediate Oil
CLZ8, + 0.56%
The New York Mercantile Exchange (NYMEX) closed at $ 56.25 a barrel, down 56 cents after it settled at $ 55.69 on Tuesday. This is the lowest one-month contract closing since November 16, 2017, according to the Dow Jones Market Data, and the maximum day-to-day reduction rate for more than seven years is over three years.
Global standards Brent Crude is now about 23% in its peak at the end of October, Brent January
LCOF9, + 0.61%
That was 65 cents higher on Wednesday, up 1 percent to $ 66.12 a barrel. ICE futures fell 6.6 percent to US $ 65.47 a barrel in the U.E.
"Over the past few months, the dramatic sell-off in the oil market has rested on Wednesday, but many people are thrilled that aggressive momentum has accelerated in the last two sessions," said Jameel Ahmad, FXTM's Strategy and Market Research
"We have not seen such a disastrous day on the oil market in terms of negative momentum like Tuesday in about three years." But what we need to accept is that merchants are opening their eyes to a grave threat that global growth slowdown in 2019 will weaken demand for commodities such as oil.
At the same time, the United States, Russia and Saudi Arabia are pumping crude oil to record levels that cause global supply to outstrip demand, and more signs of strong supply data can drive price action, the International Energy Agency Monthly updates appeared on Wednesday.
Reading: Oil futures demand Trump to lower oil prices
The IEA also said that the world's three largest producers of crude oil have maintained a stable global supply of about 107 million barrels last month. This is an increase of 2.6 million barrels a day from the same period last year.
Some analysts believe that the movement of oil was so dramatic in the short term that production drawings are still open.
"Although concerns over macroeconomic demand in October have not been excessive, the supply picture for the US has been significantly upgraded and Libya and Venezuela have been stronger than expected. Has not yet been realized, and especially if OPEC discusses production cuts as a result, we can not justify the scale of today's sales, "said Jeffrey Currie, a product team at Goldman Sachs. Notebook.
World oil production has increased by 1.8 million barrels a day since May. The United States has supplied one million barrels of crude per day, and Saudi Arabia and Russia have added 622,000 barrels per day and 445,000 barrels per day, respectively.
Reading: 5 Reasons There are oil prices in the historical setting tail turn.
Supply growth has led to a decline in global economic growth and a market downturn, triggered by the Trump Administration sanctions, allowing major buyers of Iranian crude oil to exempt them. market.
The price cut has announced that the Organization of Petroleum Exporting Countries (FOMC), including Russia, could formulate joint production cuts. This move began in just a few months after the group decided to increase output after pushing back production.
In addition, President Donald Trump has consistently claimed oil prices and announced another tweet on Monday.
Looking ahead, EIA's weekly petroleum supply data will be released one day later than usual due to the Veterans Day event on Monday.
Analysts surveyed by S & P Global Platts expect government agencies to increase crude oil inventories by 2.3 million barrels a week for the week ending November 9. They also expect a decrease in supply of 894,000 barrels of gasoline and 2.7 million barrels of stills.
Nymex, gasoline in December
RBZ8, + 0.54%
$ 1.261 per gallon added heating oil in December
HOZ8, + 1.53%
It increased 1.6 percent to $ 2.096 per gallon.
On the other hand, natural gas remains focused and futures prices rose for Wednesday 's fourth session.
December natural gas
NGZ18, + 14.39%
Million British thermal units rose by 73.6 cents, or about 18%, to $ 4.837 per unit. This is the highest growth rate for one day after September 29, 2004, according to the Dow Jones Market data, which is the highest settlement rate since February 26, 2014.
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