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Commodities Fall, Natural Gas Escapes Losses

April 2, 2015 at 21:17 by Vladimir Vyun

Commodities, including gold and crude oil, lost their Wednesday’s gains at the start of Thursday’s trading and were in decline throughout the most part of the trading session. Prices for raw materials were subdued even as the dollar was falling. Crude oil had an additional negative factor in form reports about progress in Iran nuclear deal. June contract for delivery of gold lost 0.53 percent to $1,201.80 per troy ounce as of 21:08 GMT on COMEX today. May futures for WTI crude oil declined 1.36 percent to $49.41 per barrel on NYMEX while Brent crude tumbled as much as 3.50 percent to trade at $55.10 per barrel on ICE.

Natural gas behaved very differently, escaping losses. The reason for its amazing performance was the bullish official supply report from the United States. The Energy Information Administration reported that stockpiles shrank by 18 billion cubic feet last week, two times the expected drop of 9 million. The inventories grew by 12 billion the week before. May contract for natural gas traded 3.92 percent higher at $2.71 per million British thermal units on NYMEX today.

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