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Crude Oil & Natural Gas Gain During Thursday’s Session

September 15, 2016 at 17:16 by Vladimir Vyun

Crude oil futures gained today, buoyed by gains of gasoline prices and US stocks. Yesterday, a report from the Energy Information Administration was released, showing an unexpected drop of US stockpiles by 0.6 million barrels. Nevertheless, many analysts remain bearish on the commodity due concerns about global glut. October futures for WTI crude oil gained 1.4% to $44.19 per barrel as of 16:57 GMT on NYMEX today. November Brent crude was up 2.09% to $46.81 per barrel on ICE.

Prices for natural gas rose as well during Thursday’s trading despite bearish supply report. The EIA reported that US inventories expanded by 62 billion cubic feet last week, more than analysts had predicted (57 billion). Futures for delivery of natural gas in October gained 1.42% to $2.93 per million British thermal units on NYMEX today. Experts are also bearish on the commodity because seasonal demand tends to wane during autumn.

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