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Crude Declines After EIA Report, Natural Gas Joins Drop

February 7, 2018 at 16:54 by Vladimir Vyun

Price for crude oil fell today even as US inventories of crude expanded less than expected. The Energy Information Administration reported that the stockpiles grew by 1.9 million barrels last week versus 3.2 million predicted by analysts. The problem that drove the commodity down was the news that US production of crude topped 10 million barrels per day, reaching a record high level. Contract for delivery of WTI crude oil in March dropped as much as 1.91% to $62.18 per barrel as of 16:44 GMT on NYMEX today. April contract for Brent crude shed 1.29% of its value to trade at $66 per barrel on ICE.

Natural gas joined crude in decline due to forecasts of mild weather in the United States. Forecasters promised that in the next one-to-two week period temperatures will be not as low as was previously expected. That means less demand for gas as heating fuel. Futures for delivery of natural gas in March slumped 2.32% to $2.7 per million British thermal units on ICE today.

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