Energy prices were generally on the decline Wednesday as news of a jump in crude output and climbing inventories sent already weak oil futures lower.
Front-month contracts for light sweet crude were recently down 54 cents at $63.86 a barrel on the New York Mercantile Exchange. Gasoline futures were off 2 cents at $2.23 a gallon, while heating oil was losing 5 cents at $1.84 a gallon. Natural gas futures went against the trend and were tacking on 3 cents at $7.75 per million British thermal units. The Energy Information Administration published figures showing that domestic production of crude oil was up 3.6% in the last four weeks, compared with the same period a year earlier. Inventories of oil were up a more-than-expected 0.6% over the prior week also. Gasoline stocks fell, while those for fuel oil essentially held steady. Among equities, drilling-services company Transocean(RIG) reported better-than-expected first-quarter earnings, citing strong demand for drilling in deep water and an overflowing order book. The news boosted the stock more than 2% recently. Meanwhile, gas and electric firm Dominion Resources(D) reported a slight drop in first-quarter earnings, and its shares slipped 0.3%. Elsewhere, shares of Devon Energy(DVN) were rallying more than 2% after the oil and gas company easily exceeded analysts' quarterly expectations. Prices of the energy exchange-traded funds were slipping along with the futures. The U.S. Oil(USO) and the iPath Goldman Sachs Crude Oil Index(OIL) were both lower by about 1.6% in recent action.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,801.23 | 1,342.64 | 2,903.88 | 19.69 |
Oil *
117.67
|
|
DOWN
89.23 |
DOWN
9.31 |
DOWN
23.35 |
DOWN
0.78 |
10 Yr
1.97%
SPDR Gold
167.14
|
|
-0.69%
|
-0.69%
|
-0.80%
|
-3.81%
|
Data delayed 20 minutes |

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