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Crude Oil Moves Higher, Natural Gas Loses Gains

October 22, 2015 at 21:42 by Vladimir Vyun

The metals market was not only one to demonstrate strength today as crude oil rallied as well. The commodity managed to gain following yesterday’s losses due to bearish supply data. Analysts are still concerned about the glut on the market, but for now oil is moving higher. December contract for delivery of crude oil gained 0.38 percent to $45.37 per barrel as of 21:34 GMT on NYMEX today. Brent crude advanced 0.82 percent to $48.24 per barrel on ICE.

Talking about supply data, today’s report from the US Energy Information Administration was positive for natural gas. It showed a build-up of US stockpiles by 81 billion cubic feet last week, which was smaller than 89 billion predicted by analysts. Gas had attempted to rally on the news but has lost its gains and trades far below the opening level currently. November contract for natural gas dipped 1.25 percent to $2.37 per million British thermal units on NYMEX today after climbing 1.21 percent earlier.

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

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