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Crude Oil Bounces from Multi-Year Lows, Natural Gas Declines

December 15, 2015 at 16:42 by Vladimir Vyun

Crude oil rallied today after reaching the lowest level in almost seven years yesterday. Specialists say that it was just a small upward correction after the long decline and does not indicate a change of the bearish trend. Oversupply on the market persists and would increase in case the United States lift the ban on oil exports to reduce stockpiles that reached a record level. January contract on WTI crude oil jumped 1.29 percent to $36.78 per barrel as of 16:34 GMT on NYMEX today. Brent crude advanced 0.92 percent to $38.27 per barrel on ICE.

Meanwhile, prices for natural gas declined to the lowest level in 14 years due to forecasts of warm weather in the USA. Usually, consumption of gas increases in winter due to its usage in heating, but above-norm temperatures mean limited demand. Contract for natural gas tumbled 3.33 percent to $1.83 per million British thermal units on NYMEX, trading near the lowest level since September 2001.

If you have any questions and comments on the commodities today, use the form below to reply.

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