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Crude Oil & Natural Gas Down During Early Trading

June 3, 2015 at 1:00 by Vladimir Vyun

Crude oil dipped today due to the bearish supply data. The American Petroleum Institute reported that US inventories of crude expanded by 1.8 million barrels last week. Analysts expect that the report from the Energy Information Administration released later today will show a drop by 1.9 million barrels.

Yesterday, crude oil followed metals in the rally due to the weakness of the dollar. Prices for oil also rallied after Saudi Arabia Oil Minister Ali al-Naimi said that demand for the commodity is picking up.

Meanwhile, prices for natural gas were also down during early Wednesday’s trading because of the weather forecasts. Forecasters predict that during the next 10–14 days temperatures in the United States will be near the normal level for this time of the year. This should limit demand for the gas used in heating and air conditioning.

July futures for WTI crude oil declined 0.54 percent to $60.93 per barrel as of 00:57 GMT on NYMEX today. Contract for delivery of Brent crude was down 0.38 percent to $65.24 per barrel on ICE. Natural gas dropped 0.15 percent to $2.69 per million British thermal units on NYMEX.

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

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