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Crude Oil Prices Soar, Natural Gas Struggles to Join

January 22, 2016 at 17:44 by Vladimir Vyun

Forecasts of a strong storm in the United States and profit-taking allowed crude oil prices to extend earlier rally. In fact, the commodity rallied almost 8 percent during the Friday’s trading session. This affected the currency market, helping oil-related commodities (like the Canadian dollar and the Russian ruble) to gain. March futures for delivery of WTI crude oil surged 7.11 percent to $31.63 per barrel as of 17:37 GMT on NYMEX today. Contract for Brent crude jumped as much as 7.86 percent to $31.55 per barrel on ICE.

Natural gas was attempting to join the rally, though currently it stays at the opening level. Yesterday’s supply report from the Energy Information Administration was somewhat disappointing, showing a decrease of US inventories by 178 billion cubic feet — a bit smaller than the 180 billion drop predicted by specialists. February natural gas was flat at $2.14 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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