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Crude Oil Falls After EIA Report, Natural Gas Moves Higher

June 25, 2015 at 0:42 by Vladimir Vyun

Crude oil fell today even though the report from the Energy Information Administration showed that US inventories shrank more than analysts had anticipated. Stockpiles declined by 4.9 million barrels last week versus the expected drop by 1.8 million. Experts speculated that the decline will be offset by the increase of total motor gasoline inventories by 0.7 million barrels and distillate stockpiles by 1.8 million barrels. August futures for WTI crude oil ticked down 0.08 percent to $60.22 per barrel as of 00:34 GMT on NYMEX today. Contract for Brent crude dropped 1.49 percent to $63.49 per barrel on ICE.

At the same time, natural gas continued to rally ahead of the Thursday’s supply report. Specialists predict that the data will show an increase by approximately 79 billion cubic feet for the last week. Meanwhile, market participants watch for near-term weather forecast to guess the possible moves of gas prices. Natural gas for delivery in July edged up by 0.14 percent to $2.76 per million British thermal units on NYMEX.

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