West Texas Intermediate crude pulls back from session highs after the Energy Information Administration (EIA) reported a shortage in inventories. WTI crude likely pulled back due to profit taking and the fact that speculation of increased usage was already priced in leading up to the report.
WTI, currently down .72 percent, has been trading higher on solid economic data that shows potential positive changes in the US economy, and, in turn, increased crude consumption.
According to the EIA, inventories for crude have declined over 16 million barrels over the last two weeks to 375.2 million on December 6.
Crude distillates, such as heating oil and diesel, seen an increase in inventories by 4.54 million barrels to 118.1 million. Distillate production increased three percent to 5.26 million barrels per day. A level not seen since 1986. Gasoline inventories also climbed 6.72 million barrels to 219.1 million barrels after declining in previous weeks.
Brent crude, the international standard, futures declined .3 percent to $109.04 per barrel. The Brent-WTI spread narrowed to $10.90, declining from recent highs of nearly $19 just a few weeks ago.
Natural Gas has declined from a six month high, but futures are still up on the day. Prices have increased over the last month on colder than normal temperatures. Gains have been paired as warmer-than-recent temperatures have been foretasted over the next week. Natural gas up 1.04 percent to $4.281.