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Crude Oil Logs Gains, Natural Gas Drops

October 6, 2014 at 19:24 by Vladimir Vyun

Prices for crude oil advanced today with the help from the rally of gasoline futures. The rally followed then news about the temporary closing for the Irving Oil Refinery, which is located in Saint John, New Brunswick, and belongs to Irving Oil Limited Refining Division. Analysts are concerned that prices may yet drop as the supply-demand balance remains unfavorable for crude. November futures for delivery of WTI crude oil climbed 0.74 percent to $90.40 per barrel as of 19:20 GMT on NYMEX today. Contract for Brent crude advanced 0.63 percent to $92.89 per barrel on ICE.

Meanwhile, futures for natural gas demonstrated big losses during the current trading session. Traders were digesting last week’s data about a bigger-than expected increase of US inventories and were anticipating another bearish report this week. Prices reached the $3.90 level intraday — the lowest since September 25. Futures for natural gas tumbled as much as 3.24 percent to $3.91 per million British thermal units on NYMEX.

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