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Crude Oil & Natural Gas Rally After Supply Reports

April 16, 2015 at 21:54 by Vladimir Vyun

Crude oil gained today as experts predict that output from the United States will dwindle. Yesterday’s supply report from the Energy Information Administration supported the rally of prices as well. While it showed that US inventories of crude continued to expand, the expansion was not as big as the market had been counting on. May futures for delivery of WTI crude oil ticked up 0.28 percent to $56.55 per barrel as of 21:45 GMT on NYMEX today. Contract for delivery of Brent crude in June gained 0.66 percent to $63.74 per barrel on ICE.

Futures for natural gas joined the rally, demonstrating substantial gains. The commodity rallied even as the EIA report was rather bearish. The agency reported that US stockpiles of gas swelled 63 billion cubic feet versus the expectations of a 52 billion gain. Prices were in decline lately due to speculations that the end of the winter season will result in lower demand for gas used in heating, and the low prices drove traders towards the commodity. May futures for natural gas jumped 2.57 percent to $2.68 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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