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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery shot up $1.81 to $55.97 on the New York Merc, while Brent for December added $1.47 to $61.17 (all figures in this para U.S.). Both benchmarks soared thanks to better-than-expected data on U.S. crude inventories. Although the American Petroleum Institute (API) reported yesterday that inventories rose by 4.45 million barrels last week, the more official report today from the U.S. Energy Information Administration (EIA) showed that inventories actually fell by 1.7 million barrels. Normally, the weekly API report is reasonably close to the weekly EIA report, but occasionally there are stark differences (in part because participation in the API's surveys is voluntary, whereas companies are required to report to the EIA). Here in Canada, Western Canadian Select traded at a discount of $17.00 to WTI, unchanged. Natural gas for November added one cent to $2.28. The TSX energy index added a fraction to close at 127.44.

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