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Crude Extends Gains After EIA Report, Natural Gas Joins Rally

October 29, 2014 at 21:34 by Vladimir Vyun

Crude oil rallied today, following earlier gains, with the help of the report from the Energy Information Administration that demonstrated smaller-than-expected growth of US inventories. Stockpiles expanded by 2.1 million barrels to 379.7 million barrels last week, while experts counted on growth by at least 3.3 million. Crude managed to keep gains even after the dollar jumped. December futures for delivery of WTI crude oil gained 0.80 percent to $82.07 per barrel as of 21:21 GMT on NYMEX today. Contract for the Brent grade of oil jumped as much as 1.08 percent to $86.96 per barrel on ICE.

Natural gas joined the rally on speculations that tomorrow’s supply data from the EIA will also be supportive. Analysts speculated that the report will show increasing demand as cold weather is descending on the United States. While specialists estimated that the data should demonstrate growth by 83 billion cubic feet for the last week, the predicted increase is smaller than the previous week’s 94 billion. November contract for delivery of natural gas surged 2.16 percent to $3.73 per million British thermal units on NYMEX today.

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