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Crude Oil Maintains Bullish Trend, Natural Gas Sinks After Supply Report

June 29, 2017 at 18:18 by Vladimir Vyun

Crude oil continued to rally today, rising for the sixth consecutive day and touching the highest level in two weeks. The upward momentum got a boost from yesterday’s supply report that showed an unexpected decline of US output. Yet experts claimed that the drop was result of temporary factors and does not suggest that growth of US production has stopped. August futures for delivery of WTI crude oil gained 0.31% to $44.88 as of 18:09 GMT on NYMEX today. Brent crude advanced 0.13% to $47.37 per barrel on ICE.

Meanwhile, futures for natural gas sank even though a supply report released today was good as well. The Energy Information Administration reported that US inventories expanded by 46 billion cubic feet last week. It was a smaller increase than the predicted gain by 50 billion and the previous week’s rise by 61 billion. Nevertheless, the most-traded contract for natural gas tanked 1.45% to $3.05 per million British thermal units on NYMEX today.

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