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Crude Oil & Natural Gas Fall as Stockpiles Unexpectedly Grow

December 13, 2012 at 19:45 by Vladimir Vyun

Crude oil and natural gas declined today as US inventories unexpectedly grew last week. Stockpiles of crude increased by 0.8 million barrels to 372.6 million barrels last week from the week before, while a decline by 2.6 billion was predicted by analysts. Natural gas reserves expanded 2 billion cubic feet to 3.806 trillion cubic feet, compared to the median estimate of a 3 billion decline.

Prices were also subdued as US politicians make no headway in talks about avoiding fiscal cliff. John Boehner, the Speaker of the United States House of Representatives, said:

Unfortunately, the White House is so unserious about cutting spending that it appears willing to slow-walk our economy right up to — and over — the fiscal cliff.

January futures for delivery of natural gas fell as much as $0.04 (1.18 percent) to $3.34 per million British thermal units as of 19:37 GMT on NYMEX today. WTI crude oil declined $0.65 (0.75 percent) to $86.12 per barrel today. Brent crude went down $1.38 (1.26 percent) to $108.12 per barrel on ICE.

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