Futures for crude oil and natural gas gained today even though US stockpiles continued to expand. The Energy Information Administration reported that the inventories of crude increased by 1 million barrels last week, a bit below the median forecast of 1.2 million. Reserves of natural gas were up by 9 billion cubic feet compared to analysts’ prediction of a 5 billion gain.
Prices for crude surged yesterday after the report that Turkey’s military forces downed a Russian warplane. The incident increased tension in the Middle Eastern region and complicated cooperation between countries involved in fighting the ISIS.
January contract for delivery of WTI crude oil advanced 0.51 percent to $43.09 per barrel as of 21:34 GMT on NYMEX today. Brent crude gained 0.26 percent to $46.24 per barrel on ICE. December natural gas went up 0.27 percent to $2.21 per million British thermal units on NYMEX.
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