This update fixes the year for the biggest gain of one day in gas. The year was 2004.
Oil prices ended higher on Wednesday, with US crude oil reporting to end the 12-season record as traders weighed on rising crude oil supplies against demand-side questions.
Gas contracts, meanwhile, saw a spectacular rise of about 18 percent – the biggest one in more than 14 years – as weather forecasts continued to fuel concern for tight supplies from the US.
Reading: The disagreement on assets raised by 20% this week has intensified the fall of oil, says prominent trader
West Texas Intermediate Oil for December delivery
CLZ8, + 0.59%
rose 56 cents or 1 percent to settle at $ 56.25 a barrel, after settling Tuesday with $ 55.69 on the New York Mercantile Exchange. This was the lowest termination of contract before November 16, 2017, and the largest one-day decline, to over 7%, in more than three years, according to Dow Jones Market Data.
The Brent global benchmark was now about 23% off its peak in October, with January Brent
LCOF9, + 0.70%
added 65 cents, or 1%, to $ 66.12 a barrel on Wednesday. The contract declined 6.6% to settle at $ 65.47 a barrel at ICE Futures Europe on Tuesday before the US federation in a bear market, which is set at least as much as 20% of the recent high.
"Dramatic sales in the oil markets in the last few days have come to a short pause on Wednesday, but many remain excited by the acceleration of the aggressive momentum that has occurred during the last two meetings," said Jameel Ahmad, global forex strategy strategist & market research on FXTM.
"We have not seen such a catastrophic day for oil markets in terms of negative momentum as this Tuesday in about three years," he said. However, "I think we have to accept moving forward is that traders are waking up to the significant threat that the slowdown in global growth in 2019 will weaken the demand for commodities like oil."
At the same time, more evidence of strong supply data may lead to a rise in prices, as the US, Russia and Saudi Arabia draw crude oil at record levels, causing global supply to outperform significantly, according to a monthly update from the International Energy Agency.
Reading: Oil contracts simply did not do anything before, as Trump requires lower crude prices
The IEA also reported that crude oil production by the world's three largest producers has maintained global supply, reaching 100.7 million barrels a day last month. This is 2.6 million barrels a day higher than in the same period last year.
Some analysts believe the oil movement was very dramatic in the short term, with a picture still unfolding.
"While concerns about macroeconomic demand since October were likely to be excessive, the fundamental picture of early supply has deteriorated considerably with large upward revisions in US production and stronger than expected production in Libya and Venezuela. that this has not yet materialized in heavily growing stocks and does not justify the size of the current sale, especially if OPEC now discusses a production cut as a result, "said Jeffrey Currie and the group products at Goldman Sachs, a note.
Since May, world oil production has grown by 1.8 million barrels per day. USA. offered 1 million barrels a day and Saudi Arabia and Russia added 620,000 barrels per day and 445,000 barrels a day respectively, the IEA said.
Reading: 5 reasons why oil prices are in a story that defines the queue
Growth in supply has led to a downward trend in the market as it has weakened global economic growth and Trump's decision to grant exemptions to large buyers of Iranian argon after sanctions, a factor that is expected to hold most of the oil Iran the market.
The fall in prices prompted the organization of the oil exporting countries and its allies, including Russia, to mark Sunday that it could implement a joint production cut. Such a move will come a few months after the group decided to increase production after more than a year of production retention.
In addition, President Donald Trump consistently supports lower oil prices and on Monday issued another tweet that calls for even lower prices.
Looking at the future, weekly oil supply data from the EIA will be released on Thursday, one day later than usual due to the Day of Veterans being held on Monday.
Analysts interviewed by S & P Global Platts expect the state agency to announce a 2.3 million barrel rise in crude oil reserves for the week ending November 9. This will mean an eighth straight weekly rise. They also expect a reduction in the supply of 894,000 barrels for gasoline and 2,7 million barrels for spirits.
On Nymex, December gasoline
RBZ8, + 0.64%
added 1.2% to $ 1,561 a gallon and December heating oil
HOZ8, + 1.65%
increased by 1.6% to $ 2.096 a gallon.
Gas, meanwhile, has remained at the center, with futures prices accumulating on Wednesday for a fourth season.
NGZ18, + 14.22%
fell 73.6 cents, or about 18%, higher to $ 4,837 per million UK thermal units. This was the highest percentage increase since September 29, 2004 and the highest settlement since February 26, 2014, according to the Dow Jones Market data.
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