Crude Oil Extends Advance

Updated from 2:03 p.m. EST

Energy prices were higher on Thursday after new inventory numbers for crude oil and natural gas were released by the Energy Information Agency.

Light, sweet crude oil for April delivery finished up 88 cents at $60.95 a barrel. Natural gas closed 1.1% higher at $7.72 per million British thermal units.

Heating oil finished the day 4 cents higher at $1.73 per gallon, and gasoline advanced 3 cents to $1.75 per gallon.

The EIA inventory figures were more bullish than analysts had anticipated. Crude inventories were expected to increase by 700,000 barrels during the week ended Feb. 16, but they actually fell by 416,000 barrels.

Analysts were expecting a draw from distillate inventories of 2.8 million barrels, while 5 million barrels of crude distillates were actually withdrawn from storage.

The energy market was also being affected by refinery fires and gas pipeline leaks in the U.S. and tension surrounding a possible United Nations reaction to Iran's nuclear enrichment program.

The deadline has passed for Tehran to end its atomic development or risk sanctions, and now the International Atomic Energy Agency says Iran is actually expanding rather than halting its plans.

Joe Palmisano, technical analyst at IDEAGlobal in New York, says that he expects the price of crude oil to trade choppily over the next few days and stay within the $57.50 to $61 range.