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Crude Oil Drops, While Natural Gas Rallies

July 31, 2014 at 18:18 by Vladimir Vyun

Crude oil fell today as poor economic indicators released from the United States suggested that energy consumption in the biggest world’s economy will not be growing strongly. The index of manufacturing activity in the Chicago area fell this month, even though economists have predicted an incerase, while the number of jobless claims increased last week. Additionally, there were announcement that the CVR Energy Inc’s refinery in Coffeyville, Kansas, may be shut for four weeks after the fire that occurred earlier this week. The plant was processing 115,000 barrels per day, meaning that its closure should have a significant impact on consumption of crude in the USA. September futures for delivery of WTI crude oil dropped 1.94 percent to $98.32 per barrel as of 18:03 GMT on NYMEX today. Contract for Brent crude lost 0.92 percent to $105.53 per barrel on ICE.

Meanwhile, futures for natural gas advanced as US reserves increased less than was expected. The Energy Information Administration reported that US gas inventories rose by 88 billion cubic feet, below the forecast 93 billion cubic feet. Natural gas jumped 2.48 percent to $3.88 per million British thermal units on NYMEX today.

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