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Crude Oil & Natural Gas Log Losses on Wednesday

October 21, 2015 at 20:07 by Vladimir Vyun

Futures for crude oil fell today as US stockpiles grew more than had been predicted by analysts. The inventories increased by 8.0 million barrels to 476.6 million last week compared to the median forecast of a 3.5 million gain. This means that the reserves remained near the record level for this time of year. December futures for delivery of crude oil slumped 2.25 percent to $45.25 per barrel as of 20:02 GMT on NYMEX today. Contract for delivery of Brent crude dropped 1.64 percent to $47.91 per barrel on ICE.

Tomorrow, the US Energy Information Administration will release a supply report for natural gas. The commodity dropped ahead of the release even though experts predict slower build-up (89 billion cubic feet last week versus 100 billion the week before). Natural gas for delivery in November dipped 2.95 percent to $2.4 per million British thermal units on NYMEX today.

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

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