Oil & gas prices

[dan_s]

December 6: January crude oil prices traded sharply lower during the US trading session and back below the $86.00 level. It did rebound to $86.46 in after-hours trading.
Some traders pointed to slowing economic growth concerns out of Europe and strength in the US dollar as forces weighing on the market. There also seemed to be a level of uncertainty in the market regarding the US debt negotiations (no kidding), as well as tomorrow's Non-Farm Payroll report.
January RBOB (gasoline) prices extended yesterday's decline and fell to its lowest level since November 9th.
Meanwhile, January natural gas prices established a higher high on the session in response to EIA inventory data that showed a larger than expected draw last week of 73 bcf. Total storage stands at 3,804 bcf, or 4.6% above the 5 year average. Over the last four weeks natural gas storage has declined 125 bcf.

Next week's NG storage report should be bearish but it looks like colder weather is coming next week, which may help.