Crude Oil Futures Close Flat

Updated from 3:44 p.m. EDT

Crude oil futures traversed a wide trading range Thursday, with June West Texas crude fetching an intraday high of $126.64 a barrel and falling as low $120.75 a barrel on the low end.

The near-term WTI contract settled down little changed, though, losing 10 cents at $124.12. July Brent crude, which will become the near-term contract after the market close, was down 61 cents at $121.25 a barrel.

Reformulated gasoline was 1.5 cents lower at $3.17 a gallon, and heating oil rose fractionally to $3.62 a gallon. Near-term natural gas dropped 20 cents to $11.40 per million British thermal units.

Energy commodities started the day strong, fueled by bearish economic data that weighed heavily on the U.S. dollar. The price of oil tends to rise when the greenback declines in value because oil is denominated in U.S. dollars in international markets.

The Federal Reserve reported early Thursday that industrial production fell 0.7% in April. Analysts were expecting a 0.3% decline. Adding to the malaise was the latest data on manufacturing in New York state, which also landed below analyst forecasts.

However, the futures market reversed course at midmorning after the Energy Information Administration released the latest inventory figures for domestic natural gas.

Natural gas stores rose by 93 billion cubic feet during the week ended May 9. Although the number was well within the range predicted by analysts, it was evidently not bullish enough to perpetuate the commodities advance that until today lasted nearly two weeks and elevated the price of natural gas by nearly 10%. June natural gas quickly fell on the news from its intraday high of $11.72 per million British thermal units to $11.14.